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UFC earnings surge over 180 per cent
MUSCAT - United Finance Company (UFC), Oman's largest non-banking finance firm, has posted record results for 2007 with net profit after tax surging by more than 180 per cent to RO4 million, prompting the board of directors to declare a stock dividend of 20 per cent, compared to an eight per cent cash payout in 2006.
Senior company officials attributed the strong show to the "buoyancy" in the Omani economy which they predicted to continue for several years to come.
Net profit for the year was RO4.10 million, against RO1.46 million in 2006, a growth of 182 per cent, and balance sheet reached RO112 million, compared with RO67 million, up 66 per cent. The company concluded fresh business of over RO80 million, increasing its debtors level to RO106.3 million and marking a year-on-year increase of 66.8 per cent.
Instalment finance income rose by 46 per cent to RO8.9 million and total assets by 66 per cent to RO111.8 million. Shareholders' equity increased to RO21.8 million from RO19 million, while basic earnings per share rose by 160 per cent to RO0.026 and net asset per share by 14 per cent to RO0.136.
"The year also saw a substantial improvement in loan book quality of the company as non performing assets reduced by 27 per cent to RO8.3 million from RO11.4 million in 2006, while non performing loans to total loans reduced to under eight per cent," CEO Raghavan Murthy told a news conference here on Monday.
He said the company had a loan loss provision of RO5.782 million, "in 100 per cent compliance" with Central Bank of Oman's provisioning requirements.
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