On behalf of the Board of Directors of Muscat Finance (SAOG), I am pleased to present the report for the period ended March 31, 2018.
The Company recorded net profit of RO 927K for the period ended March 31, 2018 as against RO 983K for the corresponding period in previous year. Loans and advances stand at RO 164.28 million as against RO 160.19 million in the same period last year.
The financial results are summarized below:
|Amount in RO ‘000|
|PARTICULARS||YTD 31st March 2018||YTD 31st March 2017||% Change|
|Net Investment in Finance Debtors||147,639||144,918||2%|
|Net Operating Income||2,541||2,364||7%|
|Net Profit after tax||927||983||(6%)|
Human Resources and Omanisation
The Omanisation ratio at 82.61% for the period ended March 31, 2018, continues to be above the 80% requirement of the Central Bank of Oman.
Business outlook for 2018
Oil prices are expected to remain higher in 2018 as compared to 2017. This will undoubtedly have a positive impact on the Omani economy, liquidity situation, business sentiment and new investments. The Company will benefit from this overall positive sentiment in terms of new business and recoveries.
On behalf of the Board, I would like to express our most sincere thanks and gratitude to the builder of Modern Oman, His Majesty Sultan Qaboos Bin Said, whose Leadership and Vision provide the foundation for the economic, political and social progress of the Sultanate of Oman. I would also like to thank His Majesty’s Government, the Central Bank of Oman, the Capital Market Authority, Ministry of Commerce and Industry and other Regulatory Authorities for their continued support and guidance.
The Board would like to thank all our customers for their continued patronage and support, to our local and overseas bankers for their active co-operation, and to all the shareholders for the confidence reposed in its Board.
Finally, the Board would like to appreciate and thank the management and the staff for all their good work and efforts.
On Behalf of the Board of Directors
Faisal bin Mohamed Al Yousef