News & Events

AL OMANIYA DECLARES A PROFIT OF RO 1226K FOR THE FIRST QUARTER 2013 – A GROWTH OF 14.37%


Al Omaniya Financial Services SAOG, Oman’s Largest Non-Banking Financial Institution has announced their approved un-audited first quarter results for the period ended 31st March 2013.
The company has announced a pre-tax pre-provision profit of RO 2.229 million as compared to RO 1.882 million in the same period last year resulting in a growth of 18.43%.
The company made a net profit( after provision and tax) of RO 1.226 million as compared to RO 1072K in the same period last year, resulting in a growth of 14.37%.  The hire purchase assets of the company stands at RO 213.516 million as compared to RO 165.485 million in the same period last year, an increase of 29.02 %.  The company has provided RO 837K towards allowance for impairment for the period.  The total provision stands at RO 7.59 million as of 31st March 2013.
The Earnings per Share is RO .0058, inspite of an increase of more than 30% in the paid up capital of the company as compared to the first quarter of 2012. For regulatory limits, the net worth of the company stands at RO 56.204 million. The book value of the share is RO 0.208 the highest in the industry.
Mr. Aftab Patel, Chief Executive Officer stated that the company has been rated No. 1 finance company for the year 2012 by OER-GBCM survey released this month. He further stated that AOFS is the largest company in terms of asset which is in excess of USD 550 Million and also highest  in terms of networth, profitability, efficiency and asset quality amongst all the NBFC’s in the country with  a market share in excess  of 30% and has a record of consistent and  uninterrupted dividend payment since inception.
Mr. Patel was pleased to mention that the market cap of AOFS has exceeded RO 75 Million and is the first and only NBFC in large Market Cap Segment.
Mr. Aftab Patel, Chief Executive Officer stated that increased spending by the government on the infrastructure development and capital projects coupled with buoyant oil prices has propelled good growth in the economy and has created optimism and confidence in the market.
Moody’s Investors Service has reaffirmed the Global scale Ba3 local and foreign currency Corporate family rating (CFR) with stable outlook , Mr. Aftab Patel, CEO  said this affirmation is not only gratifying but also a testimony to the fact of Al Omaniya as the largest NBFC.

Moody’s notes that AOFs rating reflect
(i)    AOFS’s good profitability, strong asset quality and sound capitalization.
(ii)   Its niche position as the largest company having a market share of 27%.
(iii)   Its sustained and good financial performance.

PRESS RELEASE BY MR. AFTAB PATEL, CEO - AL OMANIYA FINANCIAL SERVICES SAOG.

 

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