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DHOFAR INSURANCE
Improves financial position
 In December 2006, the company’s extra-ordinary general meeting decided to
increase the paid-up capital to RO17,250,000 by distributing 15 per cent bonus
shares. This enabled Dhofar Insurance to support its financial position either
from the investment aspect or on the reinsurance level, where it increased the
retention rates on the treaties level or on the optional one. The company
continu ed its expansion policy during 2006 by launching two more branches – Saham and Al-Mawaleh. Consequently, the company increased its premium income,
which assists in creating job opportunities for Omani nationals in various
areas.
The total premium income for 2006 amounted RO41,478,445 compared to RO33,872,672
in 2005, showing a proportional increase of 22 per cent. The total underwriting
profit for 2006 amounted to RO6,486,040 compared to RO5,341,771 for the year
2005, showing a proportional increase of 21 per cent. Net profit after tax for
2006 amounted to RO4,577,170.
However, the reduction in the value of shares marginally affected the company’s
investment activities. The total decrease in market value for 2006 amounted to
RO1,066,645.compared to an increase of RO1,330,526 for the year 2005. Due to
this adversity, the company has diversified its investment portfolio in various
economic activities in order to avoid unexpected shocks in the markets. The
company will persist with investing funds in safe and diversified channels.
The company has developed the life insurance department and its marketing policy
to cope with market requirements. It has also implemented the introduction of
medical insurance programmes.
Omanisation rate at the end of the year 2006 constituted 75% of the total number
of the staff. According to the company, some of its Omani staff have obtained
their university degree at the company’s cost, and it is continuing to conduct
more training courses for enriching the experience of its staff.
√ Back
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May -
2007 |
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Cover Story |
Oman’s Leading Listed Companies in 2006
Mukhtar Hasan analyses Oman’s
largest listed companies in 2006, based on revenues and other
financial parameters. |
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Other Headlines |
Bank Sohar:
Surfing on SMEs
A sixth bank has appeared on Oman’s
financial horizon after 12 years. Abhijit Sinha checks out CEO Nani
B. Javeri’s start-up USP of ‘not just selling a product but also a
solution with that product’ |
Enter the chill-out zone
The AC and refrigerating unit market is soaring regionally as well
as globally, with changing customers’ profile and cutting-edge
technologies adding value to the products |
‘Amouage is a roving ambassador for Oman’
One of the most successful Omani brands, Amouage is on the threshold of a major makeover exercise. David Crickmore, CEO, Amouage talks about the new marketing strategy and growth plans in an interview with Akshay Bhatnagar… |
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An Issue Ignored Is A Crisis Invited
In the quest to achieve its strategic
objectives, an entity has to ensure that it has sound issue
management practices in place to meet the expectations of its
stakeholders, externally and internally. OER looks at what issue
management is all about and its growing importance in today’s
increasingly complex corporate world |
X Means Exhilaration
The new BMW X5 smoothly combines
dynamic driving capabilities, luxury and impeccable technology. A
test drive report by Anne Kurian |
Case for enhancing inter-Arab trade
The 22 Arab nations should look at
realising trade opportunities among themselves, writes Dr Jasim
Husain Ali |
When Dividend stocks in an uncertain market
The coming days may not be smooth
sailing for equity investors, writes Matein Khalid |
Oman is a hidden treasure
Realising the growing stature of
Oman’s oil and gas industry, Atlas Copco, the world’s only
manufacturer of ISO certified oil-free air compressors, opted for
Oman as the venue of its first Oil and Gas MaXimiZe course. Sunil
Kumar Singh caught up with the organisers |
China’s Middle East Policy
The likely result of the intense
competition in Central Asia could mean that the Chinese majors may
be looking to place their investments in fields closer to home, away
from the Gulf |
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What to do next?
Managers devote time to
strategy-making because they want some degree of certainty that they
can direct their firm towards success |
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A novel to Communicate!
Oman Mobile recently launched Corporate Private Network for its NAMA post-paid
connection with loads of benefits for customers at down-to-earth prices |
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Opening the doors
Smart Manufacturing conference was an exceptional networking and knowledge
transfer event granting manufacturers a chance to enhance their bottom line. An
OER report on the recent two-day event |
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The Wave, Muscat
An Idyllic Island Lifestyle |
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Regulars |
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