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Al Omaniya Financial Services announces RO 3.201 million net profits

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MUSCAT: The annual general meeting of Al Omaniya Financial Services was held on March 27, 2024 and the meeting was presided by the Chairman Khalid Said al Wahaibi Al Wahaibi, Chairman of the board of directors stated that the shareholders have given their approval for the audited financial statements of the company as well as for the 13.25% dividend comprising of 8.25% cash dividend and 5% unsecured non-convertible redeemable 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 140 million at the year end of 2023. The total revenues of the company stood at RO 17.327 million. The pre-tax profit stands at RO 3.755 million and the net profit is RO 3.201 million. The earnings per share is RO 0.010 and net worth of the company stands at RO 70.908 million. The book value of the share is RO 0.217.

He further added that the company has a well diversified portfolio of assets with the lowest NPA ratio of 2.65% in the industry (As per IFRS9). The cumulative ECL provisions towards Installment finance receivable including special reserve for non-performing assets stands at RO 18,349K which covers 493% 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 491.83%.

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