(MENAFN - Muscat Daily) Oman International Development and Investment Co's (Ominvest) group net profit for the first quarter of 2014 came in at RO7.85mn, marginally higher compared with RO7.81mn in the same period last year. Profit attributable to the parent company shareholders was RO4.46mn, compared with RO4.61mn in the same period last year.
''The performance for the period was supported mainly by the parent company's investments in capital markets, banking subsidiary, associated companies and other significant investments, which approximate 75 per cent of parent company's
reported carrying value of total assets,'' Ominvest said in chairman's report submitted to the MSM on Wednesday.
Ominvest's banking subsidiary Oman Arab Bank (OAB) reported a profit of RO6.9mn, compared with RO6.52mn for the three-month period ended March 31, 2013, and the profit attributable to Ominvest shareholders is RO3.52mn, against RO3.32mn in the same period last year.
OAB's gross loans and advances increased by 15 per cent to RO1.16bn, while customer deposits at RO1.25bn were up by 23 per cent from last year.
Ominvest said that the parent company's capital market investments are focused on GCC and Asian markets and contributed RO682,762 to the profit.
Ominvest added that its associate companies, namely National Finance Co, National Detergent Co and National Biscuit Industries, performed well during the period. Its share of profits from associates for the period was RO410,693, compared with RO380,630 in 2013.