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Credit Oman posts 7% growth in insured export, domestic sales


MUSCAT: Credit Oman’s performance last year witnessed a growth of 7 per cent in the total volume of insured export and domestic sales to reach RO 356.96 million, compared to RO 333.289 million in 2022.

During the past year, Credit Oman achieved a profit of RO 719,185, a growth rate of 20 per cent compared to 2022, in which it recorded a profit of RO 597,111, with self-reliance on all resources.

Shaikh Khalil bin Ahmed al Harithi, CEO of Credit Oman, said: The percentage of insured export sales on Credit Oman out of the total insurable Omani non-oil exports amounted to 6.62 per cent.

In a statement to the Oman News Agency: "This increase comes as a result of intensified efforts to serve manufacturers and exporters, which led to an increase in the total insurance premiums in 2023, reaching RO1.168 million, with a growth rate of 17 per cent compared to 2022, when it reached RO 994, 969.

Credit Oman worked to allocate more funds to debt instruments and company shares, as the ownership value reached RO 17.4 million compared to 2022, which amounts to RO 16.5 million, compared to its original capital of RO 10 million, while the total assets exceeded RO 19 million.

Credit Oman witnessed in 2023 an increase in the total credit ceilings granted to policyholders for local sales and exports to reach RO 221.896 million compared RO 188.826 million in 2022. The number of buyers whose credit is insured by Credit Oman increased by 19 per cent, reaching 3,407 buyers, compared to 2,855 buyers in 2022.

He stressed that Credit Oman continues its efforts to enable Omani exports and local sales through a package of insurance services that it provides, which contribute to the sale of these products locally and globally, entering promising markets in various countries of the world, and reducing commercial and non-commercial risks. — ONA

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