Oman : MSM firms earn RO 752.83m.
The total revenue of MSM 30 Index companies including investment holding companies reached RO 752.833 million for the first quarter of the current fiscal, registering an increase of 4.2 per cent on a year on year basis. Aggregate top-line of banking and investment holding sector grew by 9.1 per cent and 39.4 per cent respectively for the quarter.
Revenue of the industry sector for the quarter grew by 0.3 per cent led by mixed set of numbers from the sector majors. Services sector revenue grew by 2 per cent on year on year basis. At the same time, the total revenue of MSM 30 companies excluding investment holding companies during the period stood at RO 726.194 million, showing an increase of 3.3 per cent, according to a report by Gulf Baader Capital Market.
The banking sector performance continued to remain robust thanks to higher credit growth, increased contribution from non-interest income and stabilising asset quality during the quarter. Credit addition during the period reached RO 626.5 million, registering a year to date growth of 5 per cent levels, the highest level of quarterly addition for the sector in absolute terms.
The key credit growth drivers include the continuance of robust project spending, higher credit draw downs from quasi government entities and the incremental growth in personal loans.
2012 Al Bawaba (Albawaba.com)
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