Business Reporter -
MUSCAT, MARCH 22 -
The loan book of Al Omaniya Financial Services SAOG has ballooned to RO 248 million at the year end of 2016, the highest among non-banking financial services companies, according to Aftab Patel, Chief Executive Officer.
The Annual General Meeting of the company, which is Oman’s largest Non-Banking Financial Institution (NBFI), was held on Tuesday. Khalid al Wahaibi, Chairman, stated that the shareholders have approved the audited financial statements of the company and also a dividend of 25 per cent for the financial year 2016 comprising of 17 per cent cash, and 8 per cent compulsorily convertible unsecured bonus stock bonds.
The total revenues of the company amounted to RO 18.9 million. The pre-tax profit stands at RO 6.3 million and the net profit is RO 5.311 million. The company has provided RO 1.601 million as provision for doubtful debts. The Earnings per Share is RO 0.020, for regulatory limits, the net worth of the company stands at RO 67.944 million. The book value of the share is RO 0.235.
The company has a well diversified portfolio of assets with the lowest NPA ratio of 0.95 per cent in the industry. The cumulative provisions stand at RO 8.723 million which covers 371 per cent of the non-performing assets.
Aftab Patel said the cumulative dividend paid till date stands at 403 per cent. The company has the largest asset base, highest net worth, highest provision coverage, lowest non-performing loans and largest market capitalisation on the MSM in the sector.
“Considering the challenging circumstances facing the Omani Economy, the company is expected to perform above the industry average and would continue to focus on quality and consolidation. We remain cautiously optimistic,” Patel added.
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