Muscat: Driven by a robust growth strategy, National Finance, the Sultanate of Oman’s leading finance company, has recorded an impressive financial performance for Q3 ended 30 September, 2024. The company’s performance reflects its proactive approach to strategy execution, prudent risk management, and adaptability to evolving economic conditions, underscoring its pivotal role in shaping the finance sector in the country.
With a keen focus on resource optimization and a disciplined approach to cost control, National Finance achieved a remarkable 19.81% increase in operating profit, reaching RO 13.48 million, up from RO 11.25 million in the same period last year. The company’s net investment in lease assets rose to RO 565.92 million, representing a significant 16.24% increase since December 2023. Profit after tax increased to RO 8.75 million, a 9.34% rise from RO 8.01 million in September 2023, illustrating effective risk management and strategic diversification into profitable segments. With a regulatory capital of RO 143.70 million, the highest among Finance and Leasing Companies (FLCs) in the country, National Finance further consolidates its strong financial foundation, which supports its continued sustainable growth.
Commenting on the results, Mr. Tariq Sulaiman Al Farsi, Chief Executive Officer of National Finance, expressed pride in the company’s accomplishments, saying, “Despite prevailing market challenges, National Finance continues to demonstrate remarkable resilience. Our strong presence nationwide, coupled with a diverse array of products, uniquely position us to deliver exceptional financing experiences.”
He further emphasized, “We remain persistent in our commitment to optimizing operations while simultaneously investing in innovation and service enhancements that provide significant value to our customers. As we advance in our strategic transformation, our robust financial position underpins our growth initiatives and aligns with our long-term objectives. I would like to commend our team for their hard work and dedication, as well as express gratitude to our customers and partners for their continued trust in National Finance.”
Recognizing that its employees are the cornerstone of its success, National Finance fosters an environment that encourages innovation and professional development. National Finance has achieved an impressive 91.40% Omanization rate, with 340 Omanis comprising a total workforce of 372. Through targeted training and development programs, the company nurtures local talent and cultivates future leaders. This commitment to a supportive work culture is reflected in the company’s recent recognition as the ‘Best Employer’ at the Employer Branding Awards 2024.
National Finance is also deeply committed to its Environmental, Social, and Governance (ESG) strategy. Through its Imtidad social responsibility arm, the company has spearheaded several community welfare and sustainability initiatives, partnering with renowned organizations such as Environment Society of Oman, Dar Al Atta’a, Injaz Oman, Sharakah, among others. Furthermore, the company’s ‘Himmah’ volunteer team, established to foster community engagement, participates in impactful volunteer activities, leaving an indelible mark on the country’s social fabric.
With an extensive diversified portfolio, a strong network of 23 branches, and a commitment to service excellence, National Finance continues to prioritize customer-centric solutions defined by speed, ease, and flexibility. Dedicated to driving transformative growth in the nation’s finance sector, the company embraces opportunities that align with its pledge to be a Partner for Growth for individuals, SMEs, and larger corporations, enhancing customer satisfaction and fostering long-term relationships based on trust and mutual success.
