Taageer Finance net profit rises 47%
Taageer Finance Company continued its growth with a year-on-year increase of 29.5 per cent in the net investment in finance leases, which touched RO199.2mn as of the end of the second quarter of this year.
Net profit of the company increased 46.7 per cent to RO1.7mn in the first half of 2019 compared to the same period of 2018, Taageer Finance said in a press release.
The growth in net profit was due to a 27.4 per cent increase in interest income despite a 13 per cent increase in provisions.
Taageer Finance’s market share increased by 3.38 per cent during the first half of the year and currently stands at 19.13 per cent. The firm has once again demonstrated its ability to keep pace in challenging times by posting good results amongst all the finance firms. The management expects to continue showing good results in the coming quarters and expects to maintain this position in the market.