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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Al Omaniya Financial declares 20pc dividend

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The Annual General Meeting of Al Omaniya Financial Services SAOG, Oman’s largest Non Banking Financial Institution, was held on March 19, 2018 and the meeting was presided over by the Chairman, Khalid Said al Wahaibi.


The Chairman stated that the shareholders have approved the audited financial statements of the company and also a dividend of 20 per cent for the financial year 2017 comprising of 17 per cent cash, and 3 per cent compulsorily convertible unsecured bonus stock bonds.


The board of directors appreciated the measures taken by the Central Bank of Oman and the Capital Market Authority with a view to strengthening the financial sector in the Sultanate.


The company’s loan book stands at RO 223 million at the year end of 2017, the highest among the Non Banking Financial Services companies. The total revenues of the company stood at RO 19.8 million. The pre-tax profit stands at RO 8.4 million and the net profit is RO 6.98 million. The company has provided RO 3.1 million as provision for doubtful debts.


The company wrote back an amount of RO 2.939 million out of the earlier taxed provision for impairment which was disallowed and taxed in earlier years in accordance with the income tax law then effective. The earnings per Share is RO 0.026, and the net worth of the company stands at RO 70.4 million as per the regulatory limits. 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 1.29 per cent in the industry. The cumulative provisions including special reserve for non performing assets stand at RO 8.553 million which covers 299 per cent of the non-performing assets The company has been paying consistent dividend since inception. He further stated that cumulative dividend paid till date stands at 423 per cent.


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