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AL OMANIYA DECLARES A PROFIT OF Ro 4.063 MILLION FOR THE THIRD QUARTER 2013


Al Omaniya Financial Services SAOG Oman’s largest Non banking Financial Institution announced their approved un-audited third quarter results for the period ended 30 September 2013.

The company made a profit after tax of RO 4063K as compared to RO 3693K in the same period last year, resulting in a growth of 10.02%.  The company has provided RO 2190K towards allowance for general impairment compared to RO 1720k for the same period last year, an increase of 27.32%.  The total provision stands at RO 8.942 million as of 30th September 2013.  The company’s networth is RO 59.042 million as compared to RO 56.046 million an increase of 5.35%.The paid up equity share capital stands at RO 22.331 million as compared to RO 20.209 million a growth of 10.50%. The company’s Loan Book stands at RO 221.163 million against RO 197.162 million in the same period last year, a growth of 12.17%.

The company maintained its Number One position among the NBFCs in terms of Asset size, Net Profit, Profit per employee, Asset Quality, Networth and Market Capitalization. The Company was rated number one NBFC for the year 2012 by the Ernst &Young and Business Today survey and also rated number one NBFC for the year 2012 by Oman Economic Review-GBCM  survey.

Mr. Aftab Patel said that with the recent conversion resulting in an increase of company’s capital to RO 22.331 million, the market capitalization stands in excess of RO 80 million , almost twice the size of any peer in the industry. Mr. Patel further said that the Omani economy has shown stable growth on the strength of petroleum price, continuous infrastructure spending and reserves and surpluses of the past year.  The creation of new jobs both in the government and private sectors will boost consumption expenditure and the demand for credit is expected to grow.

Mr. Aftab Patel, Chief Executive Officer of AOFS also added that Moody’s Investors Service  have reaffirmed Global Scale Rating to Al Omaniya Financial Services (AOFS).  The company has been assigned Ba3 local and foreign-currency corporate family ratings (CFRs) which indicate a credit risk equivalent to its senior secured debt. The rating carries stable outlook.

Moody’s states that AOFS ratings captures its sustained good financial performance underpinned by: (1) high profitability levels (2) sound and increasing capitalisation  and (3) the resilience of the loan portfolio aided by Al Omaniya’s prudent underwriting policy and Oman’s stable operating environment.

Moody’s further states that with total asset size of RO 219 million (US$ 568 million) as at end-June 2013, AOFS is the largest NBFC in Oman with an estimated market share of around 28%.  

Barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and consistent dividends on its increased capital of   RO 22.331 million

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

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