MUSCAT — Al Omaniya Financial Services SAOG, Oman’s largest non-banking financial institution has posted a pre-tax pre-provision profit of RO 3.76 million as compared to RO 3.4 million in the same period last year.
Announcing its approved un-audited half yearly results for the period ended June 30, 2012, the company reported a net profit after tax and provisions of RO 2.378 million as compared to RO 2.068 million in the same period last year, resulting in a growth of 15 per cent.
The net hire purchase assets of the company has grown up by 34 per cent and stands at RO 185.23 million as compared to RO 138.034 million for the same period last year. The company has provided RO 1.060 million towards allowance for impairment for the period. The total provision stands at
RO 7.082 million as of June 30, 2012. The company’s current net worth for all regulatory purposes is RO 54.730 million.
Al Omaniya Financial Services is the largest among NBFC in terms of Asset size, Net Profit, Profit per employee, Asset Quality and Market Capitalisation.
The Company was rated number one NBFC for the year 2011 by the Ernst &Young and Business Today survey. For the year 2011 the company also has been rated as one of the top performers across all listed companies in the mid cap segment by the country’s leading Arabic business publication Alam Aliktsaad Walamal.
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. The Company will also diversify into Islamic Finance through an Islamic Finance window with a capital allocation of RO 10 million as and when regulations permit.
“We are very optimistic about the year 2012 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,” Patel said.