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AL OMANIYA DECLARES A PROFIT OF RO 2.733 MILLION FOR THE FIRST HALF OF YEAR 2013
Al Omaniya Financial Services SAOG Oman’s largest non banking financial Institution announced their approved un-audited half yearly results for the period ended 30th June 2013.
The company has announced a pre-tax pre-provision profit of RO 4.504 million as compared to RO 3.76 million in the same period last year.
The company made a net profit after tax and provisions of RO 2.733 million as compared to RO 2.378 million in the same period last year, resulting in a growth of 14.9%. The net hire purchase assets of the company has grown up by 17.8% and stands at RO 218.248 million as compared to RO 185.23 million for the same period last year. The company has provided RO 1.4 million towards allowance for impairment for the period. The total provision stands at RO 8.154 million as of 30th June 2013. The company’s current net worth for all regulatory purposes is RO. 57.712 million.
Al Omaniya Financial Services is the largest among NBFC in terms of Asset size, Net Profit, Profit per employee, Asset Quality 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 by Oman Economic Review-GBCM survey.
Mr. Aftab Patel, Chief Executive Officer stated that, in view of the company’s high net worth, it is well poised to meet the new paid up capital requirement of Ro. 25 million as stipulated by the Central Bank of Oman. We are very optimistic about the year 2013 and the company is expected to perform very well and maintain its track record of earnings and dividends on the increased capital barring unforeseen circumstances.
PRESS RELEASE BY MR. AFTAB PATEL, CEO - AL OMANIYA FINANCIAL SERVICES SAOG.
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