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OMINVEST
Investments for the future
 The company recorded a revenue growth of 7.71 per cent in 2006, but it was not
enough and its ranking came down by three places to 15th from previous year’s
15th position. The group has recorded a consolidated net profit of RO16 million
against RO17.61 million in 2005, a decline of 9.14 per cent mainly due to lower
investment income recorded by it. The group’s parent company recorded a profit
of RO5.40 million compared with RO6.49 million in 2005. The decline was
accounted for by a decrease in investment income, higher investment
provisioning, interest expense and tax charge. On the other side, group
shareholders equity increased marginally to RO51.5 million from RO48.7 million
in 2005.
The group recorded lower income from investment activity in the local securities
market as the Muscat Securities Market performance was relatively moderate with
a 14.49 per cent increase in 2006, compared to excellent performance for the
last three years (increase of 44.45 per cent, 23.78 per cent and 42.12 per
cent). Foreign investment income for the year recorded by the parent company was
lower as UAE IPO realisations had earned RO1 million in 2005. Further write off
of an unquoted foreign investment in full, amounted to RO192,000. Subsidiaries,
whose financials have been consolidated, recorded investment income from their
local portfolios of RO21,000 (RO2.24 million in 2005). The company’s banking
subsidiary’s net interest income increased by 14.2 per cent in 2006. The
increase was mainly from an increase in interest earned on loans and advances as
corporate loans grew by RO50 million and personal loans by RO12 million in 2006;
increase in interest earned on certificates of deposit amounting to RO1.30
million; and, increase in inter-bank deposits of surplus funds mainly arising
from Oman IPO collections.
There are four SAOG companies in which the group and the parent company hold
over 20 per cent, but under 50 per cent stake. The market value of investments
in associated companies quoted on the MSM held by the group amounted to RO7.96
million (RO8.22 million in 2005). The major exposure is to the two leasing
associates, which accounted for a carrying value of RO5.41 million.
√ 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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