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AL OMANIYA FIN SERVICES (SAOG) ANNOUNCES NET PROFIT OF RO 5.656 MILLION & DECLARES 25% DIVIDEND
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Oman’s largest NBFC Al Omaniya Financial Services declared its audited results for the year 2012 showing a Net Profit after tax and provision of RO 5.656 million for the year ended 31 December 2012, an increase of 17.08% over the previous year.
The total revenues of the company stood at RO 17.05 Million. The company has provided RO 2128K as provision for doubtful debts. The cumulative provisions stand at RO 6.75 million. The Earnings per Share is RO .032, the highest in the industry. For regulatory limits, the net worth of the company stands at RO 58.011 million.
The company’s loan book stands at Ro 205 million, a record for the Non Banking Financial Services companies. The loan book grew by 32% another record in the industry.
On the basis of its good performance, the Board has recommended a dividend of 25% comprising 20% cash and 5% compulsorily convertible bonus stock bonds on the paid-up capital for the year 2012.Mr. Aftab Patel, CEO in his comments stated that the company has maintained its track record of paying uninterrupted dividend since its inception and the cumulative percentage of dividend paid so far is 303%. The dividend is highest amongst all NBFCs in Oman.
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The book value of the share is RO 0.232 the highest in the industry. The company has a well diversified portfolio of assets with the lowest NPA ratio in the industry. The company focuses to strengthen its position as a specialized 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.
The company maintains its pole position on all parameters viz. number one in Asset size, highest net worth, highest market capitalization, highest profit, highest EPS, highest profit per employee and lowest non-performing loans and largest market capitalization on the MSM in the sector.
The company’s unique distinction being that not only it is the largest NBFC in Oman with asset size in excess of RO 205 million and leading in all parameters, its lowest non-performing loans are at a meager 0.8% the lowest among the Banking and Non-Banking sectors, reflecting the highest quality of its loan book Mr.Aftab Patel, CEO of the company said in his comments.
The audited results and the proposed dividends are subject to the approval of the CBO and at the AGM
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.
The company is expected to improve its performance and profitability for the year 2013 and maintains its number One position Mr. Aftab Patel, CEO said in his concluding comments.
PRESS RELEASE BY MR. AFTAB PATEL, CHIEF EXECUTIVE OFFICER
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