Sohar International announces 32.91% increase in half-yearly net profit

Muscat: Sohar International announced a healthy growth of 32.91 per cent in its net profit for the first six months of 2019.

The company said that its net profit grew to OMR18,584 million in the first six months of 2019 from OMR 13,982 million during the same period in 2018.

Talking about the results, Chairman of the Board of Directors of Sohar International, Mohammed Mahfoudh Al Ardhi, said: “The half year financial results are a great reflection of Sohar International’s new vision and strategy in full gear. We see greater demand for financing in the near future due to improved oil prices and the commitment of the government to continue focusing on infrastructure projects along with investments in sectors identified as key in the economic diversification plan.

"We see continued credit growth and government focus on economic diversification as well as investments in projects of national importance. Sohar International is well positioned to further build on its market excellence, capitalise on upcoming opportunities, play an active and positive role in enhancing the national economy, and continue to create value for Oman.”

Sohar International’s total operating income increased by 16.58 per cent from OMR42,503 million in the first six months of 2018 as compared to OMR49,552 million for the same period in 2019.

Operating profit increased by 21.24 per cent to OMR26,910 million as compared to OMR22,195 million at the end of June 2018.

Gross loans and advances increased by 10.86 per cent to OMR2,510 billion in the first six months of this year, as compared to OMR2.264 billion in same period last year.

Total assets grew by 7.05 per cent from OMR3,009 billion to OMR3,221 billion, and customer deposits increased by 14.09 per cent to OMR1,947 billion in the first six months of 2019 compared to OMR1,706 billion during the same time last year.

During the first six months of 2019, operating expenses of the bank increased by 11.49 per cent to OMR22,642 million compared to OMR20,308 million in the first six months of 2018, reflecting Sohar International’s vision of continued investment in people and core infrastructure.

Commenting on the results, Chief Executive Officer of Sohar International - Ahmed Al Musalmi, said, “Continuing to embark on the path set by our new brand identity, and constantly persevering to increase value for stakeholders in particular, and the nation at large - we thank our valued patrons and partners for the trust and support reposed in the Bank.”

Al Musalmi added: “Sohar International entered 2019 with a great sense of optimism and embraced the principles of more velocity, more value, and more vision in its strategic approach; while embodying the attributes of being sharp, human and unstoppable. We are pleased that the effects of these principles are embedded in our half-yearly financial results. Our focus for the year remains geared towards helping customers win and achieve their goals, promising them unrivalled responsive banking services for their ever-changing world. Following the national agenda and playing an active role, Sohar International continues to seek and promote in country values (ICV), identifying key projects that will contribute in the short and long run towards the local economy while creating opportunities for individuals and businesses alike.”