The Board of Directors of Oman Investment & Finance Co. SAOG approved the un-audited Financial Results for the three months period ended 31.03.2019.
The detailed financials have been uploaded in the MSM website.
We are pleased to declare that, as per the letter we received on 17th April 2019, Muscat Electricity Distribution Company SAOC (MEDC) has extended its contract No. (EHC 9/2019) with our company for collection of payments of electricity bills until 31st December 2019.
OIFC is expecting a reasonable return out of this contract.
In compliance with the Disclosure Rules issued by the CMA, the Management of Oman Investment & Finance Co. SAOG is pleased to disclose the initial summarized un-audited financial results for the three months period ended 31st March 2019.
Unaudited period ended
(RO in 000's)
Unaudited period ended
Net Profit before tax
Net Profit after tax
These unudited results are subject to the Audit Committee’s review and to the approval of the Board of Directors of the company.
The same is placed for the information of our shareholders.
Chief Executive Officer,
The Board of Directors of Oman Investment & Finance Co. SAOG has the pleasure to invite all shareholders to attend the ordinary Annual General Meeting to be held at Sheraton Hotel in Ruwi on Wednesday 10th April, 2019 at 3.00 PM to consider the following agenda:
Consideration and approval of the report of the Board of Directors’ for the financial year ended 31/12/2018.
Consideration and approval of the Corporate Governance Report for the financial year ended 31/12/2018.
Consideration of the Auditors Report and approval of the Statement of Financial Position and Statement of Comprehensive Income for the financial year ended 31/12/2018.
Consideration and approval of the proposal to distribute cash dividend at 5% at the rate of 5 baizas per share for the financial year ended 31/12/2018.
Approval of sitting fees for the Directors and Sub Committees for the year ended and determination of the sitting fees for the next financial year.
To bring to the knowledge of the AGM the transactions carried out by the Company with related parties during the financial year ended 31/12/2018.
Consideration and approval of the Related Party Transactions proposed to be carried out during the financial year ended 31/12/2019.
To bring to the knowledge of the AGM, the amount spent on voluntary and social services for the financial year ended 31/12/2018.
To consider and approve the proposal of allocating RO )50,000) for supporting local community services for the financial year ending 31/12/2019.
To elect a member to the Board of Directors to fill the vacant position from among the shareholders and/or non-shareholders. Anyone who wishes to nominate himself /herself must fill the form and submit it to the company two working days prior to the General Meeting: on or before Monday, 08/04/2019. If such a person is a shareholder, then, as per the Articles of Association of the company, he or she must own at least one share.
Appointment of the Auditors for the financial year ending on 31/12/2019.and to determine their fees.
In accordance with the company’s Articles of Association, every shareholder has the right to appoint any other person as a proxy to attend the meeting and vote on his/her behalf by authorizing such person in writing on the proxy card. Adult natural persons must attach to the proxy form a copy of their IDs, women and minors who have no IDs must attach a copy of their passports, and non-Omanis must attach a copy of their civil card or passport. For juristic persons, the proxy form must be signed by one of the authorized signatories, sealed by the company’s stamp, and accompanied with copies of the commercial registration certificate and the specimen signature form. Please attend to the meeting venue at least half an hour before the meeting. In case of any queries, please contact Mr. Aiman Khair or Mr. Ammar Al Haj on telephone number 24817878 - 99377572.
Public shareholding companies shall deposit all amounts owed to investors, which have not been received, within six months after the due date in the Investors' Trust Fund. Each shareholder should contact Muscat Clearing and Depository at Mutrah Commerical Area opposite to Oman Development Bank for any enquiries in this regard.
We wish to inform our shareholders that Mr. Faiz Ahmed Khan, a member of the Board of Directors, has submitted his resignation for personal reasons which the Board accepted on 19 March 2019.
Also, the Board of Directors has appointed Mr. Ahmed Mohamed Al Abri as a temporary board member until the next annual general meeting of the company.
Mr. Ahmed Al Abri brings over 30 years of banking experience having begun with Standard Chartered Bank in 1976, as Head of Operations. He joined Bank Muscat in 1989 and worked in various roles up to the Chief Operating Officer. He holds an MBA from the University of Lincolnshire and Humberside, U.K. He has attended the advanced management programme at Insead, and General Management Programme at Harvard Business School.
We are pleased to announce that the Board of Directors of the Company, at their meeting held today (March 19, 2019), have adopted and recommended to the Shareholders’ approval the Financial Statements for the year ended December 31, 2018.
Key Results of the Group as under:
RO. In ‘000s
Share of Profits/ (losses) of Associates
Net Profit Before Tax
Net Profit After Tax
Earning Per Share in RO.
Total shareholders Funds
Net Asset Per share (RO)
The Board of Directors have recommended a distribution of 5% Cash Dividend (5 Baizas per share), subject to the approval of the Shareholders of the Company at the forthcoming Annual General Meeting.
Secretary to the Board
We are pleased to inform our shareholders that MEC has extended our contract from 01st January 2019 till 31st December 2020. The contract, as mentioned earlier, is for collection services for Electricity for the entire MEC’s designated areas which was signed and received from MEC on 07th March, 2019
The Company expects good income from this contract.
In compliance with the Disclosure Rules issued by the CMA, the Management of Oman Investment & Finance Co. SAOG is pleased to disclose the initial summarized un-audited financial results for the year ended 31st December 2018.
Unaudited year ended
Audited year ended
The results are subject to Audit Committee review and approval by Board of Directors of the company. The Board approved results will be released in due course.
We are pleased to announce the appointment of Mr. Vikas Pitti as Chief Financial Officer (CFO) with effect from 9 January 2019. Mr. Vikas Pitti is a qualified chartered accountant. He brings in a vibrant working experience of more than 19 years in accounting.
The same is placed for the information of our Shareholders.