Al Omaniya Financial declares 25pc dividend

25/03/2015 07:06 AST

The shareholders of Al Omaniya Financial Services SAOG, Oman's largest non-banking financial institution, have approved the audited financial statements of the company, as well as a dividend of 25 per cent for the financial year 2014 comprising 15 per cent cash, 2 per cent Stock Dividend and 8 per cent compulsorily convertible unsecured bonus stock bonds.

The approvals came at the Annual General Meeting (AGM) held on Monday presided over by Khalid Said al Wahaibi, Chairman of the Board of Directors.

In a statement, Aftab Patel, Chief Executive Officer, said the company's loan book stood at RO 228.266 million as of end-2014, the highest among the non-banking financial services companies.

Total revenues of the company stood at RO 18.917 million. The pre-tax profit amounted to RO 7.359 million and the net profit was RO 6.48 million. The company has earmarked RO 1.959 million as provision for doubtful debts. The Earnings per Share is RO 0.028. For regulatory limits, the net worth of the company stands at RO 63.619 million. The book value of the share is RO 0.239 the highest in the industry.

"The company has a well-diversified portfolio of assets with the lowest NPA ratio of 0.845 per cent in the industry. The cumulative provisions stand at RO 7.651 million which covers 384 per cent of the non-performing assets. The company aims to strengthen its position as a specialised financial institution to meet the corporate needs besides continuing the retail and micro finance business.

The company has been posting higher earnings and profitability over the years and has been a consistent dividend payer since inception," said Patel.

Oman Daily Observer