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ONIC HOLDING
Getting better and better
 The company’s performance for the year 2004-05 was exceptional, but the results
for 2005-06 proved to be even better with another exceptional record profit year
since ONIC Holding started its restructuring process and historical comeback.
For the year ended March 31, 2006, operating income went up by 16 per cent to
RO19.6 million as compared to RO16.9 million the previous year; and, net profits
went up by 13 per cent to RO14.4 million against previous year’s RO12.8 million.
On a standalone basis, ONIC’s arm National Insurance Company Ltd made a profit
of RO3.1 million for the year ended December 31, 2005, vis-à-vis a loss of RO0.3
million in 2002. The company became the first life insurance company in Oman to
upgrade its ISO certification from ISO 9002 to ISO 9001. Another subsidiary, Al
Ahlia Insurance Company continued its impressive performance, with profits on a
standalone basis being RO3.8 million for the year ended December 31, 2005,
against RO1.9 million the previous year. Total income earned during the year
from the associate companies amounted to RO1.3 million vis-à-vis RO0.6 million
in the previous year. During the year, the company disposed of its investment in
Al Anwar Holding, realising a gain of RO0.7 million. The group further increased
its investments in strategic assets with increase in shareholding in Oman Orix
Leasing from 25.3 per cent to 35 per cent; in Alliance Housing Bank from 12.5
per cent to 19.4 per cent, and new strategic investments in International
General Insurance Company Limited (‘IGI’), National Finance House Bahrain and
Pak Oman AMC. Consequently, the value of strategic holdings of the group
increased from RO11.7million as on March 31, 2005, to RO31.1 million on March
31, 2006.
High Oil prices and increased business confidence is providing further momentum
to the economy. In addition to the increased spending proposed in the energy
sector, the government has enhanced focus on infrastructure diversification
projects, gas-based industries, education, tourism etc. The company will
continue to look for opportunities for strategic acquisitions, and will
relentlessly strive to meet its long-term objectives.
√ 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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