Taageer Finance net profit rises 60% to OMR 2.747 million

Muscat: Taageer Finance Company continued its growth with a year on year increase of 15.60% in the net investment in finance leases, which touched OMR 193.671 million as at the end of Q32019.

The net profit of the company increased by 60.17% year on year to reach OMR 2.747 million.

Revenues have increased by OMR 2.999m year on year and the interest and admin costs have also increased by OMR 2.188m year on year resulting in an incremental profit of OMR 1.032m for nine months in 2019 when compared to 2018.

Taageer’ s market share has increased by 3.12% during the first nine months of 2019 and currently stands at 18.87%. Taageer has once again demonstrated its ability to keep pace in challenging times by posting good results amongst all the Finance companies. The full results for the nine months ended 30th September 2019 along with a complete set of unaudited financial statement will be released post-approval of the board of directors of the company at its meeting scheduled later in October.