Sohar International Ordinary General Meeting: Profits exceed OMR 100mln and exceptional financial achievement

Zawya

07-04-2025

Muscat: Sohar International convened its Annual General Meeting (AGM) for the fiscal year ending December 31, 2024, under the leadership of Mr. Said Mohamed Al-Aufi, Chairman of Sohar International. The meeting, held on March 26, 2025, at Crowne Plaza Qurum, was attended by the Board of Directors, executive management, and shareholders, with virtual participation facilitated through the Muscat Clearing & Depository Company's online platform (www.mcd.gov.om). Shareholders approved all agenda items, reinforcing their trust in the bank's continued growth trajectory and strategic alignment with Oman Vision 2040. The meeting highlighted Sohar International's record-breaking financial performance, expansion into new markets, and commitment to social responsibility, further solidifying its position as a key driver of economic progress.
As part of its ongoing commitment to enhancing social well-being and reinforcing its corporate responsibility, the AGM reviewed the bank's community engagement and charitable initiatives for 2024. These included strategic partnerships with various NGOs and charitable organizations across the nation, such as the Down Syndrome Association and the Noor Association for the Blind to support ongoing development projects and initatives. The bank also launched the Empowering Female Entrepreneurs initiative in partnership with "Sharakah," alongside its collaboration with "Takaful Sohar" to provide household tools for low-income families through the 'Sohar Al Atta' initiative in its 6th consecutive year. To reaffirm its continued support for the community, the meeting approved the allocation of OMR 500,000 for social responsibility in 2025, which was kept at the discretion of the Board of Directors to utilize the funds in ways that maximize benefit to the community.
As part of the AGM for the fiscal year 2024, the agenda entailed the approval of the Board of Directors' report, the company's organizational and management report, and the performance of the Board of Directors. The meeting also ratified the auditors' report and the Sohar Islamic Shariah Supervisory Board report. Additionally, all financial transactions with related parties were reviewed. Regarding the recommendations, the assembly approved the distribution of a cash dividend of 8 baisa per share to shareholders. The meeting also approved the allocation of OMR 300,000 as bonuses for the Board members for 2024, in addition to ratifying the attendance allowance and setting provisions for the upcoming fiscal year.
Additionally, the AGM witnessed the formation of a new Board of Directors for the company, along with the appointment of a new Sohar Islamic Shariah Supervisory Board, including the determination of their compensation and session attendance fees. The appointment of the auditors for Sohar International and the external Shariah auditors for Sohar Islamic for the fiscal year 2025 was also announced, with their compensation being approved.
In this context, Mr. Said Mohamed Al-Aufi, Chairman of the Board of Directors at Sohar International, stated: "Thanks to the exceptional performance achieved by the bank, alongside the recovery of the national economy and its swift and effective response to market fluctuations and emerging needs, Sohar International continues to achieve sustainable and tangible growth across various sectors. These achievements reinforce the bank's position as a key pillar of economic and social development in the Sultanate of Oman." He highlighted that the notable increase in shareholders' equity by 28%, supported by a rights issue of OMR 130 million, will enhance the bank's ability to expand its financing projects and strengthen its presence in Oman and the Kingdom of Saudi Arabia. Furthermore, the bank's loan-to-deposit ratio improved to 74%, compared to 77% last year, reflecting the bank's financial strength and resilience in leading major transformations in the banking sector, while delivering added value to all stakeholders.
Sohar International's achievement of exceptional profits this year is the result of its well-thought-out strategy and its focus on sustainable growth. The bank recorded profits exceeding OMR 100 million, compared to OMR 70.3 million in 2023. Additionally, the bank successfully increased its market share, reaching USD 2.4 billion, further enhancing its position as the third-largest listed entity on the Muscat Stock Exchange in terms of market share size.
Total assets saw a growth of 10%, reaching OMR 7.3 million, driven by a 9% increase in loans and Islamic financing. Customer deposits also rose by 13%, reaching OMR 5.7 million, with the loan-to-deposit ratio improving to 74%, compared to 77% in 2023. This reflects the bank's financial strength and operational efficiency .
Sohar International continues to push the boundaries of innovation and excellence in the banking sector, having won 18 prestigious awards in 2024. This reflects its commitment to providing innovative banking solutions and high operational efficiency. As part of its strategy for regional and international expansion, the bank opened its first branch in the Kingdom of Saudi Arabia last year and announced plans to open a branch in London, United Kingdom. This further strengthens its position as a leading financial institution and a key enabler of economic growth across the region.
About Sohar International
With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com