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United Finance reports 19 percent drop in Q1 profit

21 Apr 2020

United Finance Company reported a 19.54 per cent decline in its net profit for the three months period ended March 31, 2020. The company’s net profit declined to RO210,000 in the January–March quarter this year compared to RO261,000 reported for the corresponding period a year ago.

In a filing to the Muscat Securities Market, United Finance said that its total income for the first three months of 2020 also declined by 8.14 per cent to RO2.1mn. The company had reported a total income of RO2.29mn in the same period of 2019.

United Finance’s total assets decreased by 4.53 per cent to RO100.61mn as of March 31, 2020 from RO105.39mn a year ago.

During the first three months of 2020, the company’s total expense declined by 6.67 per cent to RO1.89mn compared to RO2.02nm in the same quarter of 2019.

The results are initial, unaudited and are subject to approval of the board of directors, United Finance said in its filing.

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