The company registered a net profit of OMR 1.79 million for the year 2023 as against OMR 1.60 million in the previous year witnessing an 11.7% growth year on year. The Company has achieved a steady growth in profits continuously over the past years.
The Operating profit was OMR 3.2 million as compared to OMR 2.6 million in 2021, recording an increase of 23.3% in year 2023.Finance Income grew at 14.7% over the last year to OMR 8.8 million in the year 2023.
In 2023 UFC continued its cautious approach to new loans given the uncertain market conditions post Covid-19 pandemic. The loan portfolio as of December 2023 grown by 10.9% to OMR 97.8 million against OMR 88.2 million at the end of the previous year.
Impaired loans as of December 2023 were lower at OMR 20.1 million as against OMR 21.6 million as of December 2022. The company provided OMR 1.09 million as impairment provision during the year in compliance with IFRS 9 requirements. In addition, corporate deposits showed a tremendous growth of 95.8 % in 2023 compared to previous year.
As we look towards the future, United Finance Company (UFC) is steadfast in its commitment to evolving into a forward-thinking Finance Powerhouse, with a strategic emphasis on harnessing technology to foster a dynamic value-exchange ecosystem.
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