Ominvest net profit soars 47% to OMR30.52 million
In view of the company’s strong growth and robust profitability, the Ominvest Board has recommended a 25 per cent dividend (20 per cent cash dividend and five per cent stock dividend).
Times News Service
MUSCAT: Oman International Development and Investments Company (Ominvest) reported a strong set of results for the financial year ended on December 31, 2018. Total group revenues rose by 17 per cent to OMR277.53 million and the net profit attributable to Ominvest’s shareholders grew by 47 per cent to OMR30.52 million from OMR20.83 million in 2017.
In view of the company’s strong growth and robust profitability, the Ominvest Board has recommended a 25 per cent dividend (20 per cent cash dividend and five per cent stock dividend) for the shareholders’ approval at the company’s AGM scheduled for March 26, 2019.
Abdulaziz Al Balushi, Group CEO of Ominvest, attributed the group’s strong performance to its major subsidiaries including Oman Arab Bank (OAB), National Life & General Insurance Company (NLGIC), Oman Real Estate Investment and Services Corporation (ORIS), Jabreen Capital, and to its key associates, including the
National Finance Company.
Sizeable increase
In view of the sizeable increase in Ominvest’s strategic investment holdings during 2018 and Ominvest’s share of recurring income from its major subsidiaries and associates,
Al Balushi opined that the company has further diversified its revenue sources and strengthened its cash flow position through attractive dividends from its major investments.
Responding to a question related to the impact of regional macro-economic conditions on businesses, Al Balushi elaborated that despite the difficult operating environment of the last four years, Ominvest’s performance has been resilient.
Particularly in 2018, the company achieved important milestones in its key businesses and further diversified its strategic holdings.
He added that Omani and regional businesses across all key sectors continue to operate under challenging and uncertain economic conditions – as oil prices have been extremely volatile in recent years and are likely to remain as such in the foreseeable future. Weak and volatile oil prices are leading to rising sovereign debt levels, budget deficits and tight liquidity conditions in the banking sector.
Al Balushi highlighted that being cognizant of such macro challenges, Ominvest is prudently managing its assets and liabilities to maximise shareholder value while keeping potential risks well anchored.
Al Balushi affirmed that with a fiduciary responsibility for over 2,000 shareholders, Ominvest’s Board and the management endeavour to meet the highest standards in corporate governance and strictly adhere to the applicable regulatory framework.
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