Raja Subaramanian

Email : rajasu@mfcoman.com

Phone : 24625354

Sridhar

Email : sridhar@mfcoman.com

Phone : 24625370

Anthony Rajan

Email : antony@mfcoman.com

Phone : 24625355

Baqir

Email : baqir@mfcoman.com

Phone : 24625309

Arabic
Have any questions?     +968-24625300     crm@mfcoman.com
Chairman's Message

 

 

DIRECTORS' REPORT 2018 – Q3

Dear Shareholders,

 

On behalf of the Board of Directors of Muscat Finance (SAOG), I am pleased to present the report for the period ended September 30, 2018.

 

Business Results

The Company recorded net profit of RO 2,772K for the period ended September 30, 2018 as against RO 3,078K for the corresponding period in previous year. Loans and advances stand at RO 181.56 million as against RO 159.17 million in the same period last year.

 

The financial results are summarized below:

Amount in RO ‘000

PARTICULARS

YTD

YTD

%

change

 

30th Sept 2018

30th Sept 2017

Net Investment in Finance Debtors

163,565

143,092

14%

Net Operating Income

7,353

7,033

5%

Operating Expenses

2,282

2,563

(11%)

Operating Profit

5,071

4,470

13%

Net Profit after tax

2,772

3,078

(10%)

 

Human Resources and Omanisation

The Omanisation ratio at 82.98% for the period ended Sept 30, 2018, continues to be above the 80% requirement of the Central Bank of Oman.

 

Business outlook for 2019

Improved oil prices are having a positive impact on the Omani economy, liquidity situation, business sentiment and new investments.

 

Acknowledgement

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.

 

The Board would like to appreciate and thank the management and the staff for all their good work and efforts.

 

Most importantly, The Board would also like to congratulate His Majesty Sultan Qaboos Bin Said and the people of the Sultanate of Oman on the occasion of joyous National Day, 18th November, and praying for even more success and prosperity.

 

 

 

On Behalf of the Board of Directors

 

 

 

 

Faisal Mohamed Al Yousef

Chairman