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      OMAN UNITED INSURANCE

       Most important decisions of Board of Directors

      Feb 19, 2018 06:19 PM

      Dear honorable shareholders and investors community,

      We are pleased to announce that the Board of Oman United Insurance Company SAOG  held its  meeting  on (Monday 19th  February 2018) and approved the audited  financial statements of the company  for the year ended 31/12/2017. Hereinafter the most important Board decisions:

       

      Firstly: Approval of Audited Financial Statements for the year 2017

      The Board approved the audited financial statements of the company for the year ended 31/12/2017. The following table illustrates the performance of the year 2017.

       

       

      Values in (RO)

       

      Particulars

       

       

      2017

      Audited

       

      2016

      Audited

       

      Change%

      Gross Written Premium

      38,412,421

      38,545,295

      -0.3

      Gross Underwriting Results

      7,004,282

      5,726,981

      +22.3

      Total Investment Income & other income (Realized)

      3,920,733

      4,072,298

      -3.7

      Unrealized Investment losses

      (2,254,506)

      (1,185,433)

      +90.2

      Net Investment Income

      1,666,227

      2,886,865

      -42.3

      Management Expenses (including Depreciation and Provision for Bad and doubtful Debts)

      (4,534,789)

      (4,166,250)

      +8.8

      Provision for Income Tax

      (791,014)

      (394,403)

      +100.6

      Net Profit After Income Tax

      3,344,706

      4,053,193

      -17.5

      Earnings per Share EPS

      0.033

      0.041

      -17.5

      Available for sale investments fair value gain / (Losses)

      (221,112)

      754,453

      -129.3

      Total Comprehensive income for the period

      3,123,594

      4,807,646

      -35.0

      Retained Earnings after provisioning of Contingency Reserve

      4,105,759

      3,761,053

      +9.2

      Net Asset Value per share

      0.291

      0.290

      +0.03

       

      Secondly: Cash Dividend Distribution

      The Board recommends to distribute cash dividends of 30% of the paid up capital  of RO. 10 Million  i.e. (30 Bzs.) per share. The recommendation would be put forward to the AGM of the company scheduled on 29/3/2018, for approval.

       

       

      Spokes Person

      Nassir Bin Salim Al Busaidi

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