Published: Aug 10, 2014
Source: Muscat Daily

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Ominvest reports 20% rise in net profit

Oman International Development and Investment Co (Ominvest) has reported a 20 per cent rise in net profit for the six-month period ended June 30, 2014The investment firm’s profit attributable to parent company shareholders from the group profit rose to RO9.44mn from RO7.86mn, according to financial statements submitted to the Muscat Securities Market (MSM) on Sunday.

The group recorded a net profit of RO16.5mn in the first half of this year, compared with RO13.98mn in the corresponding period of 2013.

“While the earnings from investments in the banking subsidiary and associates performed well compared to 2013, the 20 per cent increase in profit attributable to shareholders of the parent company is mainly due to the profit from the sale of an investment property,” Ominvest said in its directors’ report.

Ominvest said that the cash dividend and fees received from its banking subsidiary, Oman Arab Bank (OAB), was marginally higher at RO5.93mn for the first six months of 2014, compared with RO5.91mn in the same period of 2013. Cash dividends received from investments in associates and other investments in Oman slipped to RO1.13mn from RO1.20mn a year ago.

OAB reported a 15 per cent growth in profit to RO14.41mn from RO12.51mn. OAB's gross loans and advances at RO1.27bn increased by 21 per cent and customer deposits at RO 1.35bn were up by 33 per cent.

Ominvest reported growth in revenue and net earnings across its diversified portfolio of associated companies - National Finance Co, National Detergent Co, and National Biscuit Industries. The company's share of profits from its associates came in at RO740,000 for the first half of this year, against RO746,000 in 2013.

The management’s strategy is to steer the firm to the next level of growth primarily in the financial services space, and continue its track record of consistent performance since inception in 1984, Ominvest CEO Abdulaziz al Balushi said in a press release.

He added, “Our objective is to continue to add value to our shareholders while generating consistent annual profits. We are currently investigating a number of investment opportunities to make Ominvest a much stronger listed enterprise with greater capabilities coupled with the ability to harness future growth in the investment industry.”

Ominvest had last month written to ONIC Holding to explore the possibility of a ‘strategic arrangement’ between the two organisations, subject to both institutions agreeing on the terms of the transaction and subsequent board of directors, shareholders and regulatory approvals.

Last week, ONIC disclosed that Ominvest's communication will be considered by its board at its next meeting.

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