Bank Sohar posts 46.60pc growth
Long-standing plans for the establishment of a new domestic airport in Musandam Governorate received fresh impetus at an ‘Introductory Meeting’ hosted by the Ministry of Transport and Communications with local dignitaries and officials in Khasab yesterday.
Dr Ahmed bin Mohammed al Futaisi, Minister of Transport and Communications, presided over the meeting, with his senior colleagues at the Ministry in attendance as well.
The proposed airport project — one of several ambitious transport-related initiatives on the anvil for implementation in the governorate — promises to be a game-changer for the region’s development, particularly in terms of unlocking its tourism and commercial potential.
The move builds on the Ministry’s efforts to explore the viability of building a greenfield airport as an alternative to the existing Khasab Airport, whose expansion is constrained by its location in the midst of high mountains.
Preliminary studies commissioned by the Ministry have since identified four potential sites in the governorate for the development of a full-fledged domestic gateway. The locations include Bukha, Lima, and Al Harf, besides Khasab itself.
At the ‘Introductory Meeting’, officials laid out a two-phase consultancy study leading to recommendations for a greenfield airport, as well as the construction of two airstrips in the governorate. Phase 1 of the consultancy plan will focus on a plan for the setting up of airstrips at Daba and Mad’ha.
Provisional studies conducted at Daba envision the potential for a roughly 700-metre-long and 22-metre wide airstrip suitable primarily for helicopter-based flights, the Ministry said. Shortcomings that would need to be tackled include potential impediments in the construction of an Air Control Tower, as well as cliffs along the approach end of the airfield. Part of the selected consultant’s brief is to weigh options for expanding the airstrip to allow for winged aircraft to operate in the future. Alternative locations may be proposed as well.
In Mad’ha, a proposed location identified in previous studies has the potential to accommodate a roughly 850-metre-long air- strip, designed initially for helicopter based operations. However, obstacles that need to be addressed include the presence of mountains, high voltage pylons and buildings on one side of the strip.
In Phase 2 of the study, the selected consultant will evaluate the pros and cons of building a regional airport in each of the proposed locations — Bukha, Lima and Al Harf — in addition to identifying other potential sites. The consultant will advise the government on the most advantageous location — from the geographical, technical, aeronautical and financial standpoints — for setting up a modern gateway.
The new Musandam Airport is proposed to feature a runway, taxiway, terminal, and service and hangar area suitable for the handling of up to Boeing 737 and Airbus 320 size aircraft. Bank Sohar has posted increases in net profit, net operating income and loans for the nine months ended September 30, 2017.
The Bank’s net profit for the nine months ended September 30, 2017 amounted to RO 18.976 million as compared to RO 12.944 million during the same period in 2016, a growth of 46.60 per cent. The Bank is continuing with its efforts to achieve sustainable and profitable growth despite the volatile liquidity situation in the domestic market as a result of low oil prices and a decline in government spending.
Commenting on the bank’s robust financial performance, Sasi Kumar, Acting CEO, said, “The growth we have achieved in the last nine months comes as a result of our strategic planning and insight into local market dynamics. Staying ahead of and in tune with banking trends has helped us create a clear roadmap to navigate the volatility of current economic conditions and maintain consistency in product innovation and service delivery. The Bank’s strong performance in the face of challenging odds can also be attributed to healthy customer relations driven by our customer-centric strategies. Going forward, we intend to keep the focus on developing market leading products, digitised banking solutions and expanding our operational network.”
The Bank’s total operating income increased by 3.40 per cent from RO 53.069 million in the first nine months of 2016 to RO 54.871 million for the same period in 2017. Net operating income increased by 1.21 per cent from RO 28.429 million in the first nine months of 2016 to RO 28.772 million in 2017. During the first nine months of 2017, other