Oman- Al Anwar Holdings Q1 net profit up 63% to RO4.3mn

Date

7/21/2016 1:04:32 AM

(MENAFN- Muscat Daily) Muscat-

Al Anwar Holdings Co reported a group net profit of RO4.27mn (attributable to shareholders of the parent company) for the three months ended June 30, 2016, a jump of 63 per cent from RO2.62mn in the corresponding period of 2015.

In a filing with the Muscat Securities Market, the company said about 84 per cent of its first-quarter profit arose out of fair-value gains on its investment in Ominvest but warned that the predictions or projections for the future should be dealt with caution.

Al Anwar Holdings said it also received a partial claim amount from Addax Bank, Bahrain towards the legal judgment amounting to RO630,000, net of expenses, which was adjusted against the carrying value of investment in Addax Bank amounting to RO256,000 and as such booked a profit of RO374,000 during the quarter.

'And, as per the court judgment, we are hopeful of receiving balance of the claim amount [approximately RO1mn] during the next two years as the court has ordered Addax Bank to pay rest of the amount in monthly instalments,' Al Anwar Holdings said.

The company said it has maintained a prudent and proactive approach towards managing its investments. Business lines of the group companies are seeking stability in the present challenging market environment, it added.

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