The meeting approved the company's financials for the year ended December 31 2015. Shareholders also cleared a total dividend of 25 per cent on the new paid-up capital of RO55.3mn comprising a cash dividend of ten per cent (RO5.5mn) and a stock dividend of 15 per cent (82.9mn bonus shares).

In view of Ominvest's growth trajectory and future expansion plans a 25 per cent total dividend for the year 2015 on a higher paid-up capital was welcomed by the shareholders as healthy and sustainable a company statement said on Monday.

Ominvest reported a 2015 group net profit of RO37.2mn an increase of 30.8 per cent from RO 28.4mn a year earlier. Total assets at the parent level stood at RO240.1mn an increase of 125.4 per cent compared with RO106.5mn in 2014. Total equity soared 125.4 per cent to RO135mn from RO59.9mn.

'The growth in total assets total equity and gross revenues was primarily due to Ominvest's merger with ONIC Holding resulting in a larger base for the entire business. Despite difficult market conditions Ominvest delivered healthy performance for the year and also undertook new strategic initiatives to position the company for greater success ahead' it said.

Ominvest's management expects to further broaden the portfolio of associate companies to enhance and diversify the income sources ensuring steady profitability over the long term

The company's earnings per share at the group level increased to 52bz from 39bz a growth of 33 per cent over the same period last year. Since Ominvest issued additional shares to complete the merger with ONIC the net equity at the group level increased to RO219.9mn from RO132.7mn at end December 2014. Following the merger and as at 31st December 2015 Ominvest's book value per share at the group level increased to 398bz from 394bz in the previous year.

Ominvest's major subsidiaries and associate companies performed satisfactorily. Oman Arab Bank (OAB) the banking subsidiary reported a profit of RO29.01mn for 2015 compared with RO28.40mn a year earlier. Profit growth was muted due to higher operating costs which entailed investing in key people critical systems and crucial customer service initiatives. National Life & General Insurance (NLG) the subsidiary in the insurance sector reported a net insurance premium of RO43.18mn which was 58 per cent higher from RO27.41mn posted in 2014.

'This signifies the underlying growth in the broader insurance sector and more importantly major gains in NLG's market share' the statement said.

Net underwriting revenues grew by 19 per cent to RO10.58mn from RO8.91mn. Despite higher operating expenses to support growth and lower investment income due to weak capital market conditions NLG's net profit rose by 16 per cent to RO4.36mn from RO3.74mn.

Ominvest's share of profit in the associate companies rose to RO3.77mn compared with RO1.69mn a growth of 123.7 per cent. Financial results for the year 2015 reflected Ominvest's share of associates' profits from the effective merger date of August 19 2015 through December 31 2015. Starting January 1 2016 Ominvest will be accounting for its share of associates' profits for the full year.

'As the economic and market conditions remain difficult due to the fall in oil prices Ominvest has been prudent and pro-active in managing its financial and business affairs. As a result we are well positioned to respond to challenges in the market and also seize attractive business and investment opportunities' the statement added.