Sohar International recently held its Annual General Meeting (AGM) for the shareholders on 31st March 2019. The meeting was presided over by Mr. Mohammed Mahfoudh Al Ardhi, Chairman of the board, and attended by Board members, Executive Management team of Sohar International and shareholders. The shareholders were briefed on the bank’s performance in 2018 along with discussions on the agenda for the year ahead. The AGM’s agenda covered 15 main items starting with the review and approval of the Board of Directors’ Report for the financial year ended December 31st, 2018. The Annual General Meeting also discussed and approved the distribution of cash dividends to shareholders at the rate of 6% of the capital (6 baisas per share).
Following the meeting and commenting on a remarkable performance in 2018, Mr. Mohammed Mahfoudh Al Ardhi, Chairman of Sohar International commented “Sohar International has seen solid growth in 2018 that was noted across the sector despite challenging macro economy conditions. Forging ahead, the bank will continue on its vision to redefine banking and grow as a world-leading Omani service company that brings value to all stakeholders and delivers pivotal contributions within the Sultanate’s socioeconomic development.”
Commenting on the successful outcomes of the AGM, Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International said, “Our new five-year strategy is already transforming the organization with a laser sharp focus on customer-centricity and excellence, reflecting our Sharp, Human and Unstoppable personality to deliver more velocity, more value and more vision to help customers grow and prosper. Our positive financial results for 2018, coupled with the recent highly successful issuance of perpetual capital instrument of RO100m along with a wide range of other differentiated value propositions is a reflection of the progress we are making on our strategic agenda towards realizing the vision of becoming the leading Omani service company that helps customers, communities and people to grow and prosper in this ever changing world. We thank the board of directors, regulators and the shareholders for their continued guidance and support.”
Other significant topics of discussion covered by the AGM included the Board of Director’s (BoD) budget proposal for the social corporate responsibility and charitable donations in 2019 alongside the review of the CSR activities and donations carried out throughout 2018. The AGM approved the Corporate Governance Report for the year ending December 2018, in addition to reviewing the Auditor’s Report and approving the financial statements for the year ended 31 December 2018.
Sohar International’s AGM elected and approved the appointment of the Board of Directors for the new period and approved the appointment of an independent firm to evaluate BoD performance for 2019. Shareholders further approved the appointment of statutory auditors for the financial year ending 31 December 2019 and approved their remuneration.
The AGM also discussed and approved the appointment of a Shari’a Supervisory Board “SSB” for Sohar Islamic, the Islamic banking window of the Bank, and sitting their fees and remuneration, in addition to noting the SSB’s report on the legitimacy of Sohar Islamic’s transactions for the financial year ended 31 December 2018.
For Sohar International, 2018 marks a robust upward-curve of banking excellence with customer-centricity at the helm of all operations. The bank’s accomplishments further catapult its deep-rooted, strong market position as a young fast-growing bank that has laid groundwork for transformations in 2019 and beyond. The bank recorded a momentous performance in 2018, with net interest income seeing an 18.7% uptake as well as an upward soar in the operating profit by 31.1%. The bank concluded the previous fiscal year with the exceptional growth of 15.9% in Net Profit indicating positive momentum during the year. Customer deposits further increased to OMR 1.81bn in 2018, a rise of 10.7% from OMR 1.64bn in 2017. The Bank’s share of Private Sector Credit increased to 10.3% as at November 2018 from 10.1% in December 2017, while its share of Private Sector Deposit was 7.98% in November 2018 compared to 8.45% as at December 2017.