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AL OMANIYA DECLARES A PROFIT OF RO 973K FOR THE FIRST QUARTER 2011 – A GROWTH OF 10.32%
<p style='\"text-align:' justify;\"=""> Al Omaniya Financial Services SAOG announced their approved un-audited first quarter results for the period ended 31st March 2011.
The company has announced a pre-tax pre-provision profit of RO 1.632 million as compared to RO 1.291 million in the same period last year resulting in a growth of 26.41%.
The company made a profit after tax of RO 973K as compared to RO 882K in the same period last year, resulting in a growth of 10.32%. The hire purchase assets of the company stands at RO 132 million as compared to RO 119 million in the same period last year, an increase of 11%. The company has provided RO 527K towards allowance for impairment for the period. The total provision stands at RO 5.869 million as of 31st March 2011 resulting in a NPA coverage of 240%. The company’s current networth for all regulatory purposes is RO 41.607 million.
Mr. Aftab Patel, Chief Executive Officer stated that the Omani economy is witnessing moderate growth with stable oil prices and continued spending by the government on the capital projects and creation of new jobs, this has created optimism and confidence in the market. The retail sector will grow at a rapid phase due to the recent hike in the salary and new employment opportunities.
We are continuously optimistic about the year 2011 and barring unforeseen circumstances, the company will perform very well and maintain its track record of increased earnings and dividends.
PRESS RELEASE BY MR. AFTAB PATEL, CEO - AL OMANIYA FINANCIAL SERVICES SAOG.
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