Published: Aug 06, 2014
Source: Muscat Daily

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Al Anwar Holdings posts 28% rise in Q1 net profit

Announcing its initial preliminary summary financials, private equity investment firm Al Anwar Holdings said its net profit rose 28 per cent to RO1.58mn for the first quarter ended June 30, 2014, compared with RO1.24mn for the corresponding period of the previous year.

Al Anwar Holdings' total income increased 26 per cent to RO2.35mn for the first quarter ended June 30 this year, compared with RO1.87mn for the corresponding period of 2013, according to the company's filing with the Muscat Securities Exchange (MSM) on Wednesday.

The parent company's net profit was up 34 per cent to RO1.15mn for the period under review, compared with RO865,000 for the corresponding period of 2013.

Earnings per share (rial annualised) was up 34 per cent to 39bz for the first quarter ended June 30, 2014, compared with 29bz for the corresponding period of the previous year. Total comprehensive income increased by 28 per cent to RO1.58mn for the period under review, compared with RO1.24mn for the corresponding period of 2013.

The company's preliminary financials are subject to the review and recommendation of the audit committee and the final approval of the board of directors.

The potential transaction to sell its entire 33.63 per cent stake (held by Al Anwar Holdings and its subsidiary) in Taageer Finance would generate sales proceeds of RO13.8mn, said Reji Joseph, chief executive officer of Al Anwar Holdings, in the company's filing to the MSM.

The sales proceeds would be utilised for the repayment of term loans, as well as for new opportunities to be approved by the board. Al Anwar Holdings is the largest shareholder in Taageer Finance.

On Tuesday, Al Anwar Holdings had disclosed further details of its stake sale in Taageer Finance, saying that the price agreed in the share purchase agreement that has been signed is 162bz per share of Taageer Finance. “If the transaction, which is subject to approval by CBO and the CMA, goes through, Al Anwar Holdings shall record a profit of RO0.269mn in its group financials and RO2.842mn in Al Anwar Holdings' parent company financials,” Joseph had said in a separate filing.

Earlier this year, Al Anwar  sold its entire stake in Bank Sohar.

 “We are pleased to disclose that we sold our entire stake in Bank Sohar (18,852,802 shares) at a price of 230bz per share, resulting in sale proceeds of RO4.32mn,” Joseph had said in a filing to the MSM. Al Anwar said it booked a profit of RO79,086, net of brokerage on the transaction.

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