National Finance Demonstrates Resilience with Exceptional Q2 Financial Performance
Continuing its distinguished journey of excellence, National Finance, the Sultanate of Oman’s leading finance company, has recorded outstanding financial performance for the period ended 30 June, 2024. This remarkable achievement reflects the company’s resolute commitment to surpassing customer expectations and enhancing shareholder value. It also underscores the efficacy and precision of its comprehensive growth and expansion strategy, further solidifying its leadership position in the finance sector.
Reflecting its prudent expenditure efficiency measures, robust risk management capabilities, and strategic focus on sustainable growth, National Finance reported an 11.29% surge in operational profits for the period ending 30 June, 2024, amounting to RO 8.20 million, up from RO 7.37 million in June 2023. The company's Net Investment in Lease reached RO 534.94 million, marking a 9.88% growth from RO 486.86 million in December 2023. Profit after tax increased by 8.28% to RO 5.86 million, compared to RO 5.41 million in June 2023. Cementing its strong market position and its potential for exponential growth, National Finance’s total regulatory capital of RO 140.93 million is the highest among Finance and Leasing Companies (FLCs). Additionally, the company remains the largest finance and leasing company in the country, in terms of asset size, branch network, revenues and profit.
Expressing gratitude to the contributors who have fueled the company's ongoing success, Mr. Tariq bin Suleiman Al Farsi, Chief Executive Officer at National Finance, commented, “Our success and growth are primarily attributed to the support from the Central Bank of Oman, the Financial Services Authority, the Muscat Stock Exchange, as well as our bankers and depositors. Their backing has been crucial in enabling us to diversify our product offerings and expand our reach nationwide. We also extend our gratitude to our vehicle and equipment dealer partners, customers, and shareholders, whose significant contributions have propelled National Finance's growth. Above all, we express our deepest appreciation to the company's leadership, management, and dedicated staff, whose relentless hard work has secured our top position within the sector.”
National Finance’s robust performance is directly attributed to its continuous investment in human capital development. Central to its operational strategy is the prioritization of training and upskilling initiatives, reflecting the company's commitment to equipping employees with the skills needed to assume higher responsibilities and enhance leadership capabilities, providing them opportunities for career growth and personal progress. Furthermore, in an exemplary showcase of nurturing local talents, National Finance boasts an impressive Omanisation rate of 91.15%, surpassing the targeted rate of 90%, with 340 Omani employees out of the total workforce of 373.
As a responsible corporate citizen, National Finance makes a lasting impact through Imtidad, its corporate social responsibility arm, which empowers the communities it serves, and partakes in sustainability initiatives that contribute towards a promising future for the country. Recently, the company launched Himmah, a volunteer team comprising enthusiastic and proactive staff members dedicated to making a significant contribution to the country’s social fabric.
National Finance's profound success and leadership in the finance sector are rooted in its dedication to providing diversified finance solutions that address the evolving needs of its customers. The company’s extensive product portfolio, characterized by speed, ease, and flexibility, is designed to enhance individuals' lifestyles and align with their aspirations. Additionally, the company supports the growth and expansion of local businesses through adaptable finance solutions for SMEs and corporates.
Delivering exceptional customer experiences, it is worth noting that the company operates the largest branch network among finance firms in the nation. Each of the 23 full-service branches strategically located across the country are equipped with cutting-edge technology, and staffed by knowledgeable relationship managers prepared to assist customers in selecting solutions that best meet their needs.
Demonstrating its dedication to transformation and excellence, National Finance was honoured with the ‘Best Brand Evolution’ award at the prestigious Transform Awards Middle East and Africa 2024 in Q2, reinforcing the company’s status as a trailblazer in the finance sector. National Finance remains committed to providing innovative finance solutions that reflect its core values of customer-centricity and transparency, as it continues to chart a path of excellence and growth, upholding its pledge to be a Partner for Growth for all.