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Al Omaniya proposes 25% dividend, profit grows 10%.

MUSCAT: Al Omaniya Financial Services posted a net profit of RO4.131 million for the year ended December 31, an increase of more than 10.1 per cent over the previous year. This is subject to the approval of the Central Bank of Oman (CBO) and the annual general meeting.

As per the audited results for 2010, the total revenue of the company stood at RO13.371 million. The company has provided RO1.32 million as provision for doubtful debts. The cumulative provisions stand at RO5.342 million. The earnings per share is RO0.0266, the highest in the industry. For regulatory limits, the net worth of the company stands at RO43.435 million.

On the basis of its good performance, the board has recommended a dividend of 25 per cent comprising 18 per cent cash and 7 cent stock bonds dividend on the paid-up capital for the year 2010.

These stock bonds will be compulsorily converted into shares on maturity. This is subject to the approval of the CBO.

Aftab Patel, chief executive, in his comments stated that the company has maintained its track record of paying uninterrupted dividend since its inception, taking into cumulative dividend paid so far as 253 per cent.

The book value of the share is RO0.220, the highest in the industry. The company has a well diversified portfolio of assets with the lowest non-performing assets ratio in the industry.

Al Omaniya focuses 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. Al Omaniya is expected to improve its performance and profitability for the year 2011 and maintains its number one position.

The Moody's has reaffirmed the global scale long-term issuer rating of 'Ba3' to AOFS for the year 2010-2011.

Muscat Press and Publishing House SAOC 2011

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Publication:Times of Oman (Muscat, Oman)
Date:Feb 8, 2011
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