Al Omaniya quarterly profits rise 11.8%

26 Apr 2010

(MENAFN) Al Omaniya Financial Services said that its profit after taxes rose by 11.8 percent to $2.29 million in the first quarter of 2010, up from $2.05 million a year earlier, Times of Oman reported

Chief Executive Officer Aftab Patel said that the hire purchase assets of the company stands at $309 million compared to $298 million in the same period last year, an increase of 3.4 percent.

He pointed out that the world economy has been in the recovery path with the help from government stimulus and improved sentiment, adding that Omani economy is witnessing moderate growth with stable oil prices and continued spending by the government on the capital projects.

Al Omaniya is planning to raise $26 million Unsecured Compulsorily Convertible Bonds through Rights Issue subject to the approval of regulatory authorities in lieu of earlier proposal of $52 million through private placement, he added.

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