National Finance Records Exceptional Performance in 2023

Muscat: National Finance, the Sultanate of Oman’s leading finance company, continues to set new benchmarks in the industry through its resolute commitment to excellence and innovation. Demonstrating exceptional resilience, the company achieved remarkable success in 2023, driven by rigorous transformation initiatives, fortified operational frameworks, and judicious risk management protocols.

Unveiled in an Annual General Meeting of the company’s distinguished Board of Directors and esteemed key stakeholders, National Finance’s outstanding performance in 2023 reflects its focused approach towards high-quality businesses and enhanced margins. With a net investment in lease surging to RO 486.86 million, marking a notable 14.43% increase from the previous year, and a profit after tax of RO 11.11 million, showcasing a significant growth of 9.59%, the company has exceeded expectations and solidified its market leadership. These remarkable achievements not only validate the company’s strategic goals outlined at the beginning of the year, but also instil greater trust and reliability among customers. Moreover, the redemption of perpetual bonds amounting to RO 18.20 million in March 2023 reflects positively on the company’s financial robustness, inspiring confidence among investors.

Commenting on the results, Mr. Tariq bin Sulaiman Al Farsi, Chief Executive Officer at National Finance, remarked, “Our ability to thrive amidst a global recession and increased interest rates stems from our proactive engagement with stakeholders and strategic foresight. Our pledge towards delivering exceptional service, adhering to regulatory norms, and diversifying our product portfolio effectively, has not only enhanced our operational efficiency but also heightened customer experiences across all channels.”

He added, “As we celebrate our achievements, we eagerly anticipate embracing future challenges with the same determination and vigour. Guided by our dedication to innovation and excellence, we will continue to redefine success in the financial landscape, forging new paths and setting higher standards as a Partner for Growth to all.”

National Finance also fosters a dynamic organizational culture, empowering its workforce with skills essential to drive success long-term. This includes tailored training programs aimed at developing Omani national talent, enabling them to assume greater responsibilities within the company. As of December 31, 2023, the company has achieved an impressive Omanisation rate of 91.01%, surpassing the targeted rate of 90%, with 324 Omani employees out of a total workforce of 356.

Placing equal emphasis on enriching the community, under its Imtidad social responsibility wing, National Finance remains dedicated to partnering with leading organizations in the country, to drive positive socio-economic change, allocating significant resources towards various eco-conscious and community welfare programs.

National Finance’s leadership in the leasing sector stems from its commitment to providing tailored finance solutions for Retail, Corporate, and SME sectors. With 21 branches strategically located across the country, the company ensures accessibility for all customers. Furthermore, by leveraging digitalization efforts, the company has streamlined its processes, thus ensuring hassle-free financing with swift approvals and flexible tenures.

Aligning its strategies with the government’s vision for economic progress and social advancement, National Finance remains steadfast in its trajectory of sustainable growth, prioritizing value creation for stakeholders, and striving for excellence in contributing to the Sultanate of Oman’s prosperous future.

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