MUSCAT: The annual general meeting of Al Omaniya Financial Services SAOG was held on March 29, 2023 where the meeting was presided by Chairman of the Board of Directors, Khalid bin Said al Wahaibi.
Khalid bin Said al Wahaibi stated that the shareholders have given their approval for the audited financial statements of the company as well as for the 12.25% dividend comprising of 7.25% cash dividend and 5% unsecured compulsorily convertible 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 of Oman.
Aftab Patel, Chief Executive Officer, added that the company’s loan book stands at RO 132 million at the year end of 2022.
The total revenues of the company stood at RO 14.754 million. The pre-tax profit stands at RO 3.236 million and the net profit is RO 2.750 million. The earnings per share is RO 0.009 and net worth of the company stands at RO 69.9 million. The book value of the share is RO 0.219.
He further added the company has a well diversified portfolio of assets with the lowest NPA ratio of 2.99% in the industry (as per IFRS9). The cumulative ECL provisions towards installment finance receivable including special reserve for non-performing assets stand at RO 18,420 K which covers 464% of the non-performing assets.
Patel stated that the company has been at the forefront of issuing innovative financial instruments and that the company has pioneered the issue of bonus stock convertible bonds as dividends over several years.
The company has been paying consistent dividend and has the unique distinction of paying dividend every single year since inception. The cumulative total dividend paid so far is 478.58%.
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