MUSCAT: MSX30 Index ended the week down by 1.95%. The Financial Index ended the week lower by 1.57%. The Services Index and industrial index ended the week down by 3.19% and 3.71% respectively. The MSX Shariah Index declined by 1.86%.
U-Capital Issued a report on MSX -Corporate Net Profit Snapshot –9M22 / 3Q22. MSX-listed companies’ combined net profit grows by 10% YoY during 9M22, supported mostly by the Financial and Services Sector companies. The combined net profit of MSX-listed companies grew by 10% YoY during 9M22 to about RO 521million. On sector-wise basis, the Financial Sector showed a YoY growth of 20% while the Services Sector posted a 7% YoY growth in combined net profits of the companies compared to 9M21 and supported the combined net profit of the stock market. The Industrial sector, however, saw a drop of 100% YoY in its combined net profit, largely due to a significant drop in combined profits of Cement (-2,240%), Food & Beverage sub-sector (- 49%YoY) and the Engineering & Construction sub-sectors (-3687%).
Dhofar Cattle Feed has announced that it has changed company’s name from Dhofar Cattle Feed company SOAG to Dhofar Food & Investment SAOG. The Company logo changes are in process with the concern authorities and will be announced after approval.
Salalah Mills Company, which owns and operates Oman’s biggest flour milling complex in Dhofar Governorate, has disclosed to shareholders that it has signed a financing agreement with Alizz Islamic Bank covering a sum of RO 10million for the financing of a new industrial bakery project at Khazaen Economic City in Barka. The announcement came in a filing to the Capital Market Authority last week. Salalah Mills CFO Ravi C Tripathi said the tenure of the loan is about 10 years.
Latest CBO data for conventional banks indicates that the weighted average Omani rial interest rate spread (calculated as lending rate minus deposit rate) contracted by 1.6 bps on year-on year basis (YoY), at 3.575% during the month of July 2022, as the deposit rate dropped by 5.4 bps YoY and lending rate dropped by 7.0 bps YoY. On month-on-month (MoM) basis, the spread contracted by 5.7 bps as deposit rate decreased by 0.3 bps while lending rate decreased by 6.0 bps. The weighted average deposit rate on RO deposits at 1.867% is below the local peak of 2.011% witnessed in Feb 2021 while the lending rate averaged (weighted) at 5.442% during July 2022. The RO spread is down about 1.7bps in July 2022 on year-to-date (YTD) basis.
Weighted average FCY spread expanded by 41.9 bps on month-on-month (MoM) basis during July 2022 at 3.652%. The FCY spread is higher by about 166.4 bps when compared to that recorded in July 2021. The spread is up 157.5 bps since Dec 2021. Weighted average FCY lending rate stood at 5.133% while deposit rate stood at 1.481% during July 2022. [Courtesy: U-Capital]
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