Ominvest holds its Annual General Meeting

MUSCAT: Oman International Development and Investment Company (Ominvest) held its Annual General Meeting on March 27.

In the meeting, the shareholders approved the company’s financial for the year ended December 31, 2018. The shareholders also approved a total dividend of 25%, comprising a cash dividend of 20% and a stock dividend of 5% for the financial year 2018.

Ominvest Group revenues rose by 17% to RO 277.5m and net profit attributable to Ominvest’s grew by 47% to RO 30.5m, over the same period in 2017. The growth was attributable to strong performance of our major subsidiaries: Oman Arab Bank (OAB), National Life & General Insurance (NLGIC), Oman Real Estate Investment & Services Corporation (ORIS) and Jabreen Capital.

Oman Arab Bank (OAB), increased its Net Loans & Advances by 11% to RO 1.83bn and Customer Deposits by 7% to RO1.87b, as at 31 December 2018, over the same period in 2017. OAB reported net profit of RO 30.1m for the year ended 31 December 2018, a growth of 14% as compared to last year. National Life & General Insurance Company (NLGIC) continued its steady growth with net insurance premiums rising by 12% to RO 78.8m for the year ended 31 December 2018. National Life is set to grow further and diversify outside Oman, as it is pursuing acquisitions opportunities in Indonesia and Saudi Arabia. Jabreen Capital, Ominvest’s fully owned subsidiary, reported a net profit of RO 10.8m for the period ended 31 December 2018. The profit growth was mainly attributable to the dividend income received from Jabreen Capital’s private and public equities portfolio and its share of profits from key associates. Oman Real Estate Investment and Services Corporation (ORIS), Ominvest’s fully owned subsidiary, successfully completed its major project – Ominvest Business Centre – atop Muscat Hills in the fourth quarter of 2018. As a result, ORIS reported a net profit of RO 4.1m.

During 2018, Ominvest successfully raised and secured total funding facilities of over RO 250m at attractive terms from leading local and international banks and prominent Omani institutional investors. The funding underscored Ominvest’s robust financial position and its strong relationships with leading banks and institutional investors. Ominvest used most of the funds to allocate capital to key non-banking subsidiaries in growth sectors including Insurance, Private Equity and Real Estate.

Although, the current business conditions are challenging, Ominvest is optimistic about its strong financial position and future prospects and remain highly supportive of the major initiatives that the management has undertaken.