Al Omaniya's net profit grows 11.5% to RO3.6mn in 2024

27/03/2025 06:05 AST

Al Omaniya Financial Services announced that its net profit grew by 11.5% year-on-year to RO3.569mn for the year ended December 31, 2024, compared to the RO3.201mn net profit reported for 2023.

The company's Annual General Meeting (AGM) was held on Tuesday and was presided over by Khalid Said al Wahaibi, Chairman of the Board of Directors of Al Omaniya Financial Services.

Wahaibi informed that the shareholders had approved the audited financial statements of the company, as well as a 14% dividend, comprising a 9% cash dividend and a 5% unsecured non-convertible redeemable bonus stock bond.

Al Omaniya has consistently paid dividends and holds the unique distinction of having paid dividends every single year since its inception. The cumulative total dividend paid so far is 505.83%.

At the AGM, Al Omaniya's Board of Directors expressed appreciation for the measures taken by the Central Bank of Oman and the Financial Services Authority to strengthen the financial sector in the sultanate.

Aftab Patel, Chief Executive Officer of Al Omaniya Financial Services, said that the company's loan-book stood at RO138.6mn at the end of 2024. The company's total revenue stood at RO16.860mn, while its earnings per share were RO0.0114, and its net worth stood at RO70.494mn. The book value of the share was RO0.215.

Patel highlighted that the company has a well-diversified portfolio of assets, with the lowest non-performing asset (NPA) ratio in the industry at 2.68%. The cumulative expected credit loss (ECL) provisions for instalment finance receivables, including a special reserve for NPA, stand at RO19.75mn, covering 532% of non-performing assets.

Patel further stated that Al Omaniya has been at the forefront of issuing innovative financial instruments and has pioneered the issuance of bonus stock convertible bonds as dividends over several years.

Muscat Daily