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Oman International Development and Investment Company net profit rises to OMR9.4m



Muscat: Oman International Development and Investment Company (Ominvest), one of Oman's leading investment companies, has reported strong results with profit of OMR9.4 million for the six month period ended June 30, 2014. This represents a growth of 20 per cent over 2013, said a company release.

Ominvest has reported growth in revenue and net earnings across its diversified portfolio of associated companies namely National Finance Company, National Detergent Company, and National Biscuit Industries.

The company has additionally witnessed strong performance of 15 per cent profit growth in its banking subsidiary, Oman Arab Bank (OAB), equating to OMR14.41 million compared to OMR12.51 million for the six month period ended June, 2013.

Cash dividend and fees received from Oman Arab Bank was marginally higher at OMR 5.93 million compared to OMR5.91 million in 2013.

Cash dividends received from investments in associates and other investments in Oman was OMR1.13 million compared to OMR1.20 million in 2013, according to the directors' report.

Abdulaziz Al Balushi, chief executive officer of Ominvest, reported that the management's strategy is to steer the firm to the next level of growth primarily in the financial services space, and continue its track record of consistent performance since inception in 1984.

"Our objective is to continue to add value to our shareholders while generating consistent annual profits. We are currently investigating a number of investment opportunities to make Ominvest a much stronger listed enterprise with greater capabilities coupled with the ability to harness future growth in the investment industry," he further added.

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