United Finance Company achieves unprecedented 147% growth in net profit

Business Tuesday 08/February/2022 14:58 PM
By: Times News Service
United Finance Company achieves unprecedented 147% growth in net profit

Muscat: The Sultanate’s leading financial and leasing services provider - United Finance Company SAOG (UFC) - has announced its preliminary unaudited financial results for the year ending 2021.

The company has reported a net profit of OMR1.91 million; this translates into a 147 per cent growth from the net profit of OMR776,000 during the previous year. The increase in net profit is largely attributable to the prompt and prudent actions taken by the company’s board of directors and management, who have reimagined the customer service experience in 2021 by enabling quick, secure and seamless financing and loan interactions through a comprehensive, customised and innovative products and services portfolio.

The net finance income of the company stood at OMR6.25 million in 2021, which is a 25 per cent growth over 2020’s finance income of OMR4.99 million. The operating profit for 2021 was OMR3.62 million, as compared to OMR2.40 million in 2020, which is a 50 per cent growth in operating profit.

UFC’s CEO, Nasser Salim Said Al Rashdi stated, “Our financial performance in 2021 is a sound indicator that we are well-positioned to continue our momentum of being a financial powerhouse in the country. Our robust balance sheet enables us to continue to support our customers while remaining resilient and emerging stronger in the long run. Going forward, we will continue to be proactive and enhance our digital solutions to address our customers’ needs.”

In maximising long-term value for shareholders, with its experienced management team, UFC will continue to focus on high-quality products and services, key investments in technology, and employee engagement. The company aims to continue to keep the customer at the core of everything they do while remaining focused on increasing employees’ knowledge base and improving employee morale through periodic training and development programmes.

Rashdi also mentioned, “Despite the ongoing Covid-19 situation, we are grateful that our country’s leadership has demonstrated extraordinary foresight and vision in creating necessary systems to support the recovery and growth of the economy. In doing our bit for society, and in keeping with our values of putting the customer first - we offered relief measures to our customers facing financial troubles as a result of Covid-19.”

Established in 1997, United Finance Company aims to become a next-generation Finance Powerhouse that uses technology to create a value-exchange ecosystem for digitally-engaged individuals, large corporates and small-medium enterprises (SMEs). The company provides a range of financial products and services - car loans (new and used cars), equipment loans, heavy vehicle financing, bill discounting, working capital funding, and corporate deposits. Headquartered in Wattayah, UFC has eight branches in Oman, in Barka, Mawaleh, Ibra, Ibri, Nizwa, Sohar and Salalah, besides its Head Office branch.