Sohar International announces 14.22 per cent rise in net profits

Sohar International announced its net profit for the nine months ended September 30, 2019 of RO 25.059 million compared to RO 21.940 million during the same period in 2018, reflecting a growth of 14.22 per cent. Mohammed Mahfoudh al Ardhi, Chairman of the Board of Directors of Sohar International, stated, “Buoyed by government’s economic diversification initiatives, Oman’s banking sector is geared towards robust business growth and profitability. Despite the challenging economic and financial situation driven by volatile oil prices, the government’s continued focus on key diversification sectors such as ports and logistics, manufacturing and tourism creates ample opportunities for the banking and finance sector in the country to contribute to the sustainable development of the national economy.”

The Bank’s total operating income increased by 6.27 per cent from RO 69.650 million in the first nine months of 2018 to RO 74.018 million for the same period in 2019. Operating profit increased by 1.32 per cent from RO 39.821 million in the first nine months of 2018 to RO 40.347 million for the same period in 2019. During the first nine months of 2019, operating expenses increased by 12.88 per cent to RO 33.671 million compared to RO 29.829 million in the first nine months of 2018, reflecting our continued investment in people and core infrastructure.

The Bank’s gross loans and advances increased by 12.48 per cent from RO 2.297 billion as at 30 September 30, 2018 to RO 2.584 billion as at September 30, 2019. Total assets grew by 12.47 per cent from RO 2.968 billion as at September 30, 2018 to RO 3.338 billion as at September 30, 2019. Customer deposits increased by 16.19 per cent to RO 1.994 billion as at September 30, 2019 compared to RO 1.717 billion as at September 30, 2018.

Ahmed al Musalmi, CEO, remarked, “With our 5-year strategy in place and in full execution, Sohar International experienced another strong quarter from all segments of business; and I am particularly proud of our ability to complete the rights issue resulting in an increased shareholder’s equity of RO 40 million.”