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Initial Annual Unaudited Financial Results for the Year Ended 31 Dec 201615/01/2017


OMINVEST

INITIAL ANNUAL UNAUDITED FINANCIAL RESULTS

FOR THE GROUP AND PARENT COMPANY

FOR THE YEAR ENDED 31 DECEMBER 2016

 

In compliance with current regulatory requirements, Oman International Development and Investment Company SAOG (“OMINVEST”) is pleased to report the initial annual unaudited financial results for the year ended 31 December 2016.

 

 

        Group

%

 

Parent Company

%

 

Dec-16

Dec-15

 

 

Dec-16

Dec-15

 

 

 

 

    Change

 

 

(restated)

Change

 

        - - - - RO ’000 - - - -

 

 

     - - - - RO ’000 - - - -

 

Total income

227,181

142,888

59%

 

32,878

19,520

68%

Total expenses

      (191,886)

   (105,695)

82%

 

(8,678)

  (5,912)

47%

Profit for the period

    35,295

       37,193

-5%

 

24,200

  13,608

78%

Profit attributable to:

 

 

 

 

 

 

 

  - Shareholders of Ominvest

23,205

       22,949

 

1%

 

 

24,200

 

13,608

 

78%

  - Non-controlling interest

   12,090

       14,244

-15%

 

 

 

 

Please note:

1. The Group has early adopted IFRS 9 during the year. IFRS 9 adjustments are in process of being finalised.

2. The Group insurance subsidiary and insurance associate’s actuarial / mathematical reserves are based on management estimates and are subject to external actuarial review and approval and may result in further adjustments.

3. The above results incorporate the unaudited results of all subsidiaries and associates based on management estimates. These results are subject to statutory audit and their Boards’ approval.

4. Consequent to the amendments in IAS 27 effective from 1 January 2016, the company has adopted equity method to account for investments in associates and subsidiaries in its separate financial statements. These amendments have been applied retrospectively.

5. Audited Group and Parent Company financial statements will be submitted in compliance with the current regulations.

These initial annual unaudited financial results are subject to statutory audit, review by the Audit and Control Committee and approval by the Board of Directors of OMINVEST.