(MENAFN - Muscat Daily) Oman International Development and Investment Company (Ominvest) has reported a 40 per cent growth in net profit for the first half of this year to RO13.9mn as compared to RO9.9mn in the corresponding period of the previous year.
Company chairman Khalid Muhammad al Zubair said in the directors' report that the profit growth was mainly due to the increase in profit at the company's banking subsidiary, Oman Arab Bank (OAB), and the significant contribution to investment income from capital-market activities.
''The company is progressing in line with the strategy to build on its diversified portfolio of investments and to enable sustainable earnings over the medium and long term,'' the chairman said.
Ominvest owns a majority 51 stake in OAB while the rest 49 per cent is owned by Jordan-based Arab Bank.
OAB net profit rose 26.7 per cent to RO13.7mn in the first six-month period compared to RO10.8mn in the same period of 2011. Gross loans and advances increased 28.4 per cent to RO934mn, while customer deposits went up 7.3 per cent to RO919mn in the first half of this year.