Sohar International posted healthy growth in the six-month period ended June 30, 2021 recording a net profit of RO 15.20 million compared to RO 13.18 million during the same period in 2020, representing a growth of 15.3 per cent.
Commenting on the financial results, Mohammed Mahfoudh al Ardhi, Chairman of the Board of Directors of Sohar International, said: “The half-yearly financial results are a great reflection of Sohar International’s vision and strategy in full gear. The Sultanate has made commendable progress to counter the effects of the pandemic by adopting learning, implementation of agendas, thoughtful investments in key areas and an aggressive vaccination campaign. This, coupled with a rise in global oil prices, has in turn, helped us to continue operations in an improving economic environment that is more conducive to business growth.”
Sohar International’s total assets increased by 12.5 per cent in the first six months of 2021 recording RO 4,031 million compared to RO 3,584 million during the same period last year. Net loans and advances increased by 3.4 per cent to RO 2,526 million (June 30, 2020: RO 2,442 million) reflecting the bank’s prudence in managing growth given current economic conditions. Customer deposits increased by 2.8 per cent to RO 2,304 million (June 30, 2020: RO 2,241 million), reflecting the bank’s strengthening funding and liquidity position.
Operating income increased by 13.9 per cent to RO 54.22 million, (June 30, 2020: RO 47.62 million), driven by increases in other operating income streams including gain on sale of investment securities. Operating profit increased by 17.0 per cent to RO 30.64 million compared to RO 26.18 million for the same period last year. Operating expenses increased by 10 per cent to RO 23.58 million (June 30, 2020: RO 21.44 million).
Ahmed al Musalmi, Chief Executive Officer of Sohar International, stated: “Our latest financial results reflect our strong position in the market and our ability to absorb and overcome challenges.
Our focus for the year remains geared towards rewarding customers by creating opportunities to win while helping them achieve their goals. Aligning ourselves to the national agenda and playing an active role as a key contributor to the Sultanate’s economy, Sohar International continues to seek and promote in-country values (ICV), identify key projects that will contribute to the short-term and long-term goals of the country, and create opportunities for individuals and businesses alike.”
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