News & Events

AL OMANIYA FINANCIAL SERVICES ANNOUNCES RO 5.311 MILLION NET PROFIT, DECLARES 25% DIVIDEND


The Annual General Meeting of Al Omaniya Financial Services SAOG    Oman’s largest Non Banking Financial Institution was held on 21st March 2017 and the meeting was presided by the Chairman Mr. Khalid Said Al Wahaibi.

Mr. Khalid Al Wahaibi, Chairman stated that the shareholders have approved the audited financial statements of the company and also a dividend of 25% for the financial year 2016 comprising of 17% cash, and 8% compulsorily convertible unsecured bonus stock bonds.

The board of directors appreciated the measures taken by the Central Bank of Oman and the Capital Market Authority with a view to strengthening the financial sector in the Sultanate.

Mr. Aftab Patel, Chief Executive Officer made the following statements after the meeting. Al Omaniya Financial Services retains its pole position as Oman’s Largest Non Banking Financial Institution on most parameters. The company’s loan book stands at Ro 248 million at the year end of 2016, the highest among the Non Banking Financial Services companies.

The total revenues of the company stood at RO 18.9 Million. The pre-tax profit stands at RO 6.3 Million and the net profit is RO 5.311 Million.  The company has provided RO 1.601 Million as provision for doubtful debts.  The Earnings per Share is RO 0.020, for regulatory limits, the net worth of the company stands at RO 67.944 million.  The book value of the share is RO 0.235.

The company has a well diversified portfolio of assets with the lowest NPA ratio of 0.95% in the industry.  The cumulative provisions stand at RO 8.723 million which covers 371% of the Non performing assets.

The company has been paying consistent dividend since inception. He further stated that cumulative dividend paid till date stands at 403%. The company has the largest asset base, highest net worth, highest provision coverage, lowest non-performing loans and largest market capitalization on the MSM in the sector.

Mr. Patel further added that considering the challenging circumstances facing the Omani Economy, the company is expected to perform above the industry average and would continue to focus on quality and consolidation. We remain cautiously optimistic.

PRESS RELEASE BY MR. AFTAB PATEL, CHIEF EXECUTIVE OFFICER

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