National Finance posts 19.81 per cent increase in profit
Published: 03:11 PM,Nov 06,2024 | EDITED : 07:11 PM,Nov 06,2024
Tariq bin Sulaiman al Farsi, Chief Executive Officer of National Finance, expresses pride in the company’s accomplishments.
MUSCAT, OCT 30 — Driven by a robust growth strategy, National Finance, the Sultanate of Oman’s leading finance company, records an impressive financial performance for Q3 ending September 30, 2024. The company's performance reflects its proactive approach to strategy execution, prudent risk management, and adaptability to evolving economic conditions, underscoring its pivotal role in shaping the finance sector in the country.
With a keen focus on resource optimisation and a disciplined approach to cost control, National Finance achieves a remarkable 19.81 per cent increase in operating profit, reaching RO 13.48 million, up from RO 11.25 million in the same period last year. The company’s net investment in lease assets rises to RO 565.92 million, representing a significant 16.24 per cent increase since December 2023. Profit after tax increases to RO 8.75 million, a 9.34 per cent rise from RO 8.01 million in September 2023, illustrating effective risk management and strategic diversification into profitable segments. With regulatory capital of RO 143.70 million — the highest among Finance and Leasing Companies (FLCs) in the country — National Finance further consolidates its strong financial foundation, supporting its sustainable growth.
Commenting on the results, Tariq bin Sulaiman al Farsi, Chief Executive Officer of National Finance, expressed pride in the company’s accomplishments, saying, “Despite prevailing market challenges, National Finance continues to demonstrate remarkable resilience. Our strong presence nationwide, coupled with a diverse array of products, uniquely positions us to deliver exceptional financing experiences.”
He further emphasised, “We remain persistent in our commitment to optimising operations while simultaneously investing in innovation and service enhancements that provide significant value to our customers. As we advance in our strategic transformation, our robust financial position underpins our growth initiatives and aligns with our long-term objectives. I commend our team for their hard work and dedication, as well as express gratitude to our customers and partners for their continued trust in National Finance.”
Recognising that its employees are the cornerstone of its success, National Finance fosters an environment encouraging innovation and professional development. National Finance has achieved an impressive 91.40 per cent Omanisation rate, with 340 Omanis out of a total workforce of 372. Through targeted training and development programmes, the company nurtures local talent and cultivates future leaders. This commitment to a supportive work culture is reflected in the company’s recent recognition as the ‘Best Employer’ at the Employer Branding Awards 2024.
With a keen focus on resource optimisation and a disciplined approach to cost control, National Finance achieves a remarkable 19.81 per cent increase in operating profit, reaching RO 13.48 million, up from RO 11.25 million in the same period last year. The company’s net investment in lease assets rises to RO 565.92 million, representing a significant 16.24 per cent increase since December 2023. Profit after tax increases to RO 8.75 million, a 9.34 per cent rise from RO 8.01 million in September 2023, illustrating effective risk management and strategic diversification into profitable segments. With regulatory capital of RO 143.70 million — the highest among Finance and Leasing Companies (FLCs) in the country — National Finance further consolidates its strong financial foundation, supporting its sustainable growth.
Commenting on the results, Tariq bin Sulaiman al Farsi, Chief Executive Officer of National Finance, expressed pride in the company’s accomplishments, saying, “Despite prevailing market challenges, National Finance continues to demonstrate remarkable resilience. Our strong presence nationwide, coupled with a diverse array of products, uniquely positions us to deliver exceptional financing experiences.”
He further emphasised, “We remain persistent in our commitment to optimising operations while simultaneously investing in innovation and service enhancements that provide significant value to our customers. As we advance in our strategic transformation, our robust financial position underpins our growth initiatives and aligns with our long-term objectives. I commend our team for their hard work and dedication, as well as express gratitude to our customers and partners for their continued trust in National Finance.”
Recognising that its employees are the cornerstone of its success, National Finance fosters an environment encouraging innovation and professional development. National Finance has achieved an impressive 91.40 per cent Omanisation rate, with 340 Omanis out of a total workforce of 372. Through targeted training and development programmes, the company nurtures local talent and cultivates future leaders. This commitment to a supportive work culture is reflected in the company’s recent recognition as the ‘Best Employer’ at the Employer Branding Awards 2024.