The 83rd meeting of the Board of Directors (BoD) of Pak Oman Investment Company (Pak Oman) was recently held in Karachi. Yahya Al-Jabri presided over the meeting where Bahauddin Khan, Managing Director Pak Oman, updated the BoD regarding the ensuing strategy being followed by the management to further strengthen its position in the financial sector.
The Company adopted the growth strategy supported by multifaceted approach which paid positive dividends. In 2016, the Company posted impressive financial results demonstrating management's commitment towards development of core areas of business. Advance portfolio increased by 48% as compared to the corresponding period. The total asset increased to Rs 40 billion (US$ 380.6 million) from Rs 27 billion (US$ 259.9 million) as at December 31, 2015, depicting an increase of 46%. Accordingly, profit after tax increased to Rs 706 million (US$ 6.7 million) i.e. an improvement of 17% compared to 2015 which is the highest since the inception of the Company.
Bahauddin Khan further said that the portfolio diversification remains on target, with the Company continuing its policy of adding quality assets through effective risk management, and prudent marketing.
He also updated the Board on the progress of realignment and reorganisation of Pak Oman Microfinance Bank and Pak Oman Asset Management Company. The Board highly appreciated his efforts in playing a pivotal role in transforming these institutions.
The Board of Directors appreciated the results of the Company and approved the accounts of 2016. The BoD reposed complete confidence in the able leadership abilities of the Managing Director and continues to look forward to his effective and vibrant contribution. The Board also recommended to the shareholders cash dividend @ 8% (2015: 6% & 2014:4%) which translate into Rs492 million.
State Bank of Pakistan has reappointed Pak Oman as a Primary Dealer for the year 2016-2017. JCR-VIS Credit Rating Company Limited has reaffirmed Company's Credit Rating at AA+ (Double A Plus) for long-term and A1+ (A One Plus) for short-term and also reaffirmed the Corporate Governance Rating at CGR-9.-PR
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