National Finance posts exceptional performance in 2023

MUSCAT: National Finance, the Sultanate of Oman’s leading finance company, continues to set new benchmarks in the industry through its resolute commitment to excellence and innovation.

Demonstrating exceptional resilience, the company achieved remarkable success in 2023, driven by rigorous transformation initiatives, fortified operational frameworks, and judicious risk management protocols.

Unveiled in an Annual General Meeting of the company’s distinguished Board of Directors and esteemed key stakeholders, National Finance’s outstanding performance in 2023 reflects its focused approach towards high-quality businesses and enhanced margins.

With a net investment in lease surging to RO 486.86 million, marking a notable 14.43% increase from the previous year, and a profit after tax of RO 11.11 million, showcasing a significant growth of 9.59%, the company has exceeded expectations and solidified its market leadership.

These remarkable achievements not only validate the company’s strategic goals outlined at the beginning of the year, but also instil greater trust and reliability among customers.

Moreover, the redemption of perpetual bonds amounting to RO 18.20 million in March 2023 reflects positively on the company’s financial robustness, inspiring confidence among investors.

Commenting on the results, Tariq bin Sulaiman al Farsi (pictured), Chief Executive Officer at National Finance, remarked, “Our ability to thrive amidst a global recession and increased interest rates stems from our proactive engagement with stakeholders and strategic foresight.

Our pledge towards delivering exceptional service, adhering to regulatory norms, and diversifying our product portfolio effectively, has not only enhanced our operational efficiency but also heightened customer experiences across all channels.”

He added, “As we celebrate our achievements, we eagerly anticipate embracing future challenges with the same determination and vigour. Guided by our dedication to innovation and excellence, we will continue to redefine success in the financial landscape, forging new paths and setting higher standards as a Partner for Growth to all.”

As of December 31, 2023, the company has achieved an impressive Omanisation rate of 91.01%, surpassing the targeted rate of 90%, with 324 Omani employees out of a total workforce of 356.