Press Releases

Profits Increase By 37 Per Cent as companyit Completes Another Profitable Year

Muscat, 25 February, 2010: Oman International Development and Investment Company SAOG, more commonly known as Ominvest, has announced an increase in profits of 37 per cent as the company reports its results for the year profits for the year ended 31 December 2009 with a profit of RO 11.41 million compared to RO 8.34 million in 2008.

Ominvest announced that its group revenue has grown to RO 50.53 million from RO 41.79 million in 2008. The announcement came after Ominvest’s Board of Directors met to approve the results and reported the official results to the Muscat Securities Market.

The Board also resolved to propose a cash dividend of RO 2 million and a stock dividend of RO 3 million – representing 10% and 15% of the paid up share capital respectively for approval of shareholders at the Annual General Meeting to be held in March.

Commenting on the results, Ominvest Chief Executive Shariq Azhar said: “We are very encouraged with these results which are a clear indication of a very sound and prudent investment strategy undertaken by the company to minimize risk while delivering a high return on investment for our shareholders.

“These results provide an excellent platform for the coming year as Ominvest celebrates its 25th anniversary. The level of profit demonstrates how Ominvest has been creating genuine shareholder value consistently for over 25 years by delivering exceptional financial performance each year with uninterrupted dividends.”

Mr Azhar added that he was confident that in 2010 Ominvest would continue to offer the best investment opportunities both within and outside the Sultanate.

He explained that in the current year the company will be looking for new principal finance opportunities that offer solid return potential with particular focus on equity investments in the financial services and industrial sectors as well as in tourism related real estate within the Sultanate and internationally.

Ominvest is among Oman’s longest established investment companies and one of the first listed in the region with a vision to continually grow and develop its multi-faceted business with the objective to be an acknowledged leader among top tier investment companies in the region.

For further information, please contact:
Kevin Hasler/Zahra Al Lawati
ZEENAH PR
Tel: 00 968 26 698 010