Ominvest posts 19% rise in 9M net profit

Muscat - 

Oman International Development and Investment Co (Ominvest) has reported a 19 per cent increase in the group's net profit for the first nine months of this year to RO17.81mn from RO14.97mn in the same period last year, according to the financial results posted on the Muscat Securities Market (MSM) website on Tuesday.

“The company is progressing in line with the strategy to build on its diversified portfolio of investments and to enable sustainable earnings over the medium- and long-term,” said Khalid Muhammad al Zubair, chairman of Ominvest, in his report.

Oman Arab Bank (OAB), in which Ominvest owns a 51 per cent stake, reported a nine-month profit of RO19.62mn compared to RO17.86mn in the same period last year.

Gross loans and advances of OAB increased 28 per cent year-on-year to RO936mn as of September 30, 2012, while deposits were up  12.6 per cent to RO951.8mn.

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