With an intention of bringing the best of the world to Oman and taking the best of Oman to the world, Sohar International recently participated in the Muscat Stock Exchange SAOC (MSX) Investor Roadshow as a Strategic Partner. The platform provided an ideal opportunity for Sohar International to showcase to potential investors the bank’s ongoing performance alongside the county’s overall positive trajectory in terms of economic growth.
Representing Sohar International alongside the executive management of the bank was Mr. Ahmed Al Musalmi, Chief Executive Officer whom delivered an insightful presentation on the current operating environment, business strategy and the bank’s stellar financial performance. Held at Shangri-La Barr Al Jissah, the MSX Roadshow was the biggest and first-ever hybrid meeting of Oman’s new rebranded stock exchange.
Commenting on Sohar International’s participation in the event, Mr. Ahmed Al Musalmi said, “We are indeed delighted to be part of the MSX Investor Roadshow which has been organised at an idyllic time. With the Sultanate’s keen focus on economic diversification and the strong impetus on accelerating public offerings, foreign investments in the country have been gaining momentum. Through this event, we have been able to support the nation’s vision of introducing and promoting the listed companies on the Muscat Stock Exchange to a wide range of international investment institutions while simultaneously driving additional financial liquidity to the stock exchange.”
Strongly aligned to Oman Vision 2040, the roadshow was designed to attract the attention of the global investment community towards the listed companies in the Sultanate while simultaneously informing the global fund managers of the latest developments and growth prospects in the local market. The event provided an ideal networking opportunity for leaders to present their organization’s performance and engage in effective communication with portfolio and asset managers as well as other local and global investors.
Mr. Ahmed Al Musalmi further stated, “For Sohar International, the event provided a unique opportunity to update investors on the bank’s latest business development agenda, growth strategies, and potential investment opportunities. On a holistic level, the bank will remain committed to nurturing a sustainable financial ecosystem while continuing to set new benchmarks and spearheading change in the banking sector as it continues to grow.”
With strong financial indicators attesting to the bank’s leading position in the market, Sohar International’s profit for the period increased 21.5% to RO 18.47 million as of 30 June 2022, as compared to RO 15.20 million for the same period last year. Total assets as at 30 June 2022 grew 8.2% to RO 4,364 million (30 June 2021: RO 4,031 million) mainly due to an increase in loans, advances, and Islamic financings (net), while the bank’s customer deposits also increased 11.5% to RO 2,568 million (30 June 2021: RO 2,304 million). In addition, the bank registered an increase in shareholder’s equity from RO 340.3 million to RO 396.0 million which includes the highly successful rights issue in Q3 2021 of RO 50 million.
Sohar International’s achievements have received numerous local, regional and international accolades including the ‘Fastest Growing Bank’ in the Large Banks Category, ‘Excellence in Digital Transformation’, ‘Best Corporate Banking – Oman 2022’, ‘Best Campaign to Promote Tourism’, ‘Best Wealth Bank in Oman 2022’ and the ‘Wells Fargo Special Recognition Award’ crystal.
Oman’s strategic position on the map, stable economic conditions, and robust infrastructure is complemented by the local government’s determination to encourage investments in the country. Through its various endeavours, Sohar International has remained steadfast in supporting listed companies to expand their reach, develop meaningful bonds with investors abroad, and raise their capital, therefore, also increasing the turnover rate of the listed companies on MSX.