Credit Oman insures over RO 376 million in exports and sales
Published: 04:04 PM,Apr 05,2025 | EDITED : 08:04 PM,Apr 05,2025
The company’s annual profit stood at RO 381,412.
MUSCAT: Credit Oman reported a solid performance for 2024, insuring a total of RO 376.41 million worth of Omani exports and local sales — marking a 5.4% increase from RO 356.96 million in 2023. The company’s annual profit stood at RO 381,412, down from RO 719,185 a year earlier, despite maximising the use of its available resources.
According to CEO Khalil bin Ahmed al Harthy, insured export sales accounted for 8.22% of total insurable Omani non-oil exports — a result of concerted efforts to support exporters and manufacturers. This led to a 9.53% increase in total insurance premiums, which reached RO 1.28 million in 2024, compared to RO 1.17 million in the previous year.
Al Harthy noted that Credit Oman continues to allocate investments towards highly liquid instruments with balanced returns, including deposits, financial bonds, and corporate shares. The company’s investment value reached RO 17.4 million, close to its 2023 figure of RO 17.7 million, and remains well above its original capital of RO 10 million. Total assets exceeded RO 19 million.
The total credit ceilings granted to policyholders also saw notable growth, rising to RO 257.66 million in 2024 from RO 221.89 million in 2023. The number of insured buyers increased by 5%, reaching 3,577, up from 3,407 the previous year.
Sector-wise performance varied. The petrochemicals and plastics sector posted a strong 20% growth, with insured sales of RO 54.26 million. In contrast, the mining sector declined by 10%, with insured sales of RO 3.6 million, while the building and construction materials sector fell 15%, with sales reaching RO 106.99 million.
The food and consumer goods sector experienced a 13% rise, whereas the clothing sector plunged 89%. Meanwhile, the packaging sector grew significantly by 27%.
Al Harthy reaffirmed Credit Oman’s commitment to bolstering both domestic sales and Omani exports through its diverse insurance offerings. These services, he said, not only secure local transactions but also enable access to new international markets. — ONA
According to CEO Khalil bin Ahmed al Harthy, insured export sales accounted for 8.22% of total insurable Omani non-oil exports — a result of concerted efforts to support exporters and manufacturers. This led to a 9.53% increase in total insurance premiums, which reached RO 1.28 million in 2024, compared to RO 1.17 million in the previous year.
Al Harthy noted that Credit Oman continues to allocate investments towards highly liquid instruments with balanced returns, including deposits, financial bonds, and corporate shares. The company’s investment value reached RO 17.4 million, close to its 2023 figure of RO 17.7 million, and remains well above its original capital of RO 10 million. Total assets exceeded RO 19 million.
The total credit ceilings granted to policyholders also saw notable growth, rising to RO 257.66 million in 2024 from RO 221.89 million in 2023. The number of insured buyers increased by 5%, reaching 3,577, up from 3,407 the previous year.
Sector-wise performance varied. The petrochemicals and plastics sector posted a strong 20% growth, with insured sales of RO 54.26 million. In contrast, the mining sector declined by 10%, with insured sales of RO 3.6 million, while the building and construction materials sector fell 15%, with sales reaching RO 106.99 million.
The food and consumer goods sector experienced a 13% rise, whereas the clothing sector plunged 89%. Meanwhile, the packaging sector grew significantly by 27%.
Al Harthy reaffirmed Credit Oman’s commitment to bolstering both domestic sales and Omani exports through its diverse insurance offerings. These services, he said, not only secure local transactions but also enable access to new international markets. — ONA