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AL OMANIYA FINANCIAL SERVICES(SAOG) ANNOUNCES 10.1% GROWTH IN NET PROFIT TO RO 4.131 MILLION – DECLA
Al Omaniya Financial Services declared its audited results for the year 2010 showing a Net Profit of RO 4.131 million for the year ended 31 December 2010, an increase of more than 10.1% over the previous year. This is subject to the approval of the CBO and the AGM.
The total revenues of the company is RO 13.371 Million. The company has provided RO 1323K as provision for doubtful debts. The cumulative provisions stand at RO 5.342 million. The Earnings per Share is RO 0.025, the highest in the industry. For regulatory limits, the net worth of the company stands at RO 43.435 million.
On the basis of its good performance, the Board has recommended a dividend of 25% comprising 18% cash and 7% stock bonds dividend on the paid-up capital for the year 2010. These stock bonds will be compulsorily converted into shares on maturity. This is subject to the approval of the CBO and the AGM. Mr. Aftab Patel, CEO in his comments stated that the company has maintained its track record of paying uninterrupted dividend since its inception taking into cumulative dividend paid so far as 253%.
The book value of the share is RO 0.220 the highest in the industry. The company has a well diversified portfolio of assets with the lowest NPA ratio in the industry. The company now focuses to re-establish its position as a specialised financial institution to meet the corporate needs besides continuing the retail and micro finance business. The company has been posting higher earnings and profitability over the years and has been a consistent dividend payer since inception.
The Moody’s has reaffirmed the global scale long term issuer rating of ‘Ba3’ to AOFS for the year 2010-2011.
PRESS RELEASE BY MR. AFTAB PATEL, CHIEF EXECUTIVE OFFICER:
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