MUSCAT: Oman International Development and Investment Company (Ominvest) will pay 25 per cent dividend, comprising 10 per cent cash dividend and 15 per cent stock dividend for the year ended December 2015
At its recent annual general meeting, the company shareholders approved the annual financial statement. The shareholders also approved an allocation of OMR100,000 for initiatives related to Corporate Social Responsibility (CSR) to help educational institutions and charitable organisations in the country.
Ominvest reported a group net profit of OMR37.2 million, an increase of 30.8 per cent compared to a profit of OMR28.4 million in 2014. Total assets at the parent level stood at OMR240.1 million, a whopping rise by 125.4 per cent compared to total assets of OMR106.5 million in 2014.
Similarly, total equity grew to OMR135 million, an increase of 125.4 per cent, compared to OMR59.9 million in 2014. The growth in total assets, total equity and gross revenues was primarily due to Ominvest’s merger with ONIC Holding, resulting in a larger base for the entire business. Despite difficult market conditions, Ominvest delivered healthy performance for the year and also undertook new strategic initiatives to position the company for greater success ahead.
Ominvest’s earnings per share at the group level increased to 52 baisas from 39 baisas, a growth of 33 per cent over the same period last year. Since Ominvest issued additional shares to complete the merger with ONIC Holding, the net equity at the Group level increased to OMR219.9 million from OMR132.7 million at end December 2014. Following the merger and as at December 2015, Ominvest’s book value per share at the group level increased to 398 baisas from 394 baisas in the previous year.
As the economic and market conditions remain difficult due to prolonged decline in oil prices, Ominvest has been prudent and pro-active in managing its financial and business affairs. As a result, the company is well positioned to respond to continued challenges in the market and also seize attractive business and investment opportunities.
In view of these developments, the company’s management expressed confidence that a much larger and more efficient Ominvest will play a key role in Oman’s economic growth, create job opportunities for Omani nationals, help businesses grow and attract foreign direct investments to Oman.
