(MENAFN - Muscat Daily) Muscat Finance Co has reported a ten per cent growth in net profit to RO1.09mn for the first quarter ended March 31, 2014, compared with RO997,000 for the same period of the previous year, according to the company's announcement to the Muscat Securities Market (MSM) on Monday.
The company's gross income grew by 15 per cent to RO3.05mn in the first quarter of 2014, from RO2.65mn in the first quarter of 2013. Total expenses rose 18 per cent to RO1.96mn, from RO1.66mn in the same perod a year ago.
Total assets of the company increased by 19 per cent to RO131.7mn as of end-March 2014, against RO110.6mn as of end-March 2013.
The board of directors of the company, in its meeting held on Sunday, approved the unaudited results for the first quarter.
According to a separate disclosure posted on the MSM website, the Capital Market Authority (CMA) has approved the request of Dr Omar al Zawawi to increase his ownership in Muscat Finance from 30.56 per cent to 35 per cent.