Ominvest profits rise 10% to over RO13mn

Muscat - 

Oman International Development and Investment Co (Ominvest) reported a 10.3 per cent growth in group net profit for the first quarter on the back of strong performance recorded by its major subsidiaries.

Ominvest’s consolidated profit after tax for three months period ended March 31, 2019 rose to RO13.3mn compared to RO12mn in the same period of 2018. Total group revenue increased 12.1 per cent to RO76.28mn in the first quarter of this year compared to RO68.02mn in the same period a year ago.

“The group has performed exceptionally well in the prevailing challenging economic environment. The growth is attributable to the strong performance of our major subsidiary namely, Oman Arab Bank (OAB) and Oman National Investment Corporation (Jabreen)’, Ominvest said in the company report submitted to the Muscat Securities Market.

Ominvest said the group maintains robust liquidity position, continues to enjoy healthy financial ratios and is progressing well on execution of its strategic and diversification initiatives.

Jabreen, Ominvest’s subsidiary focused on investing in diverse sectors and expanding into new markets, reported 41.3 per cent growth in net profit to RO8.1mn compared to RO5.7mn for corresponding period in 2018. Jabreen’s total assets now stand at RO300.8mn and it holds sizable stakes in blue-chip companies. Jabreen is now looking for further opportunities in growth sectors and markets in Asia, Ominvest said.

Ominvest’s insurance sector subsidiary, National Life & General Insurance Co reported gross written premiums of RO54.8mn, of which Oman contributed 45.2 per cent, UAE contributed 53.4 per cent and Kuwait 1.4 per cent. National Life reported a net profit of RO2.7mn for the first quarter of 2019 compared to RO3mn for the same period of last year.

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