The Annual General Meeting of Al Omaniya Financial Services was held on March 20, 2022 under the chairmanship of Shaikh Khalid bin Mustahil al Mashani, Deputy Chairman.
Speaking on the occasion, the Deputy Chairman stated that the shareholders have given their approval for the audited financial statements of the company as well as for the 12 per cent dividend comprising of 7 per cent cash dividend and 5 per cent Unsecured Non-Convertible redeemable bonus stock bonds Aftab Patel, Chief Executive Officer, said the company’s loan book stands at RO 117 million as of end-2021. Total revenues stood at RO 15.671 million, with pre-tax profit of RO 3 million and net profit RO 2.564 million. The Earnings per Share is RO 0.009, and net worth of the company stands at RO 70.6 million. The book value of the share is RO 0.223 Patel further added that the company has a well-diversified portfolio of assets with the lowest NPA ratio of 3.76 per cent in the industry (as per IFRS9). The cumulative ECL provisions towards Instalment Finance receivable including special reserve for non-performing assets stand at RO 16.475 million, which covers 374 per cent of the non-performing assets.
The company has been at the forefront of issuing innovative financial instruments, having pioneered the issue of Bonus Stock Convertible bonds as dividends over several years. This year, the company’s dividend comprises Unsecured Non-convertible Redeemable bonus stock Bonds, which is a first for any financial institution in the Sultanate of Oman. The company has also been paying consistent dividend since inception, he said, adding that cumulative dividend paid till date stands at 466.33 per cent.
Oman Observer is now on the WhatsApp channel. Click here
