Ominvest reports 20% rise in net profit
Ominvest (Oman International Development & Investment Company SAOG), one of Oman’s leading investment companies, has reported strong results with profit of RO9.4m for the six month period ended 30th June 2014. This represents a growth of 20% over 2013.
Ominvest has reported growth in revenue and net earnings across its diversified portfolio of associated companies namely National Finance Company SAOG, National Detergent Company, and National Biscuit Industries.
The company has additionally witnessed strong performance of 15% profit growth in its banking subsidiary, Oman Arab Bank, equating to RO14.41m compared to RO12.51m for the six month period ended 30th June 2013.
Mr. Abdulaziz Al Balushi, CEO 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.
Mr. Abdulaziz, commented, “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.”