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| Proceedings of the Board Meeting held on January 26, 2010 | The Board of Directors of National Finance Co. SAOG met on January 26, 2010 and took important decisions, a summary of which is as under: The Financial Statements for the year 2009 audited by KPMG, statutory auditors, were approved by the Board. Key results are as under: Amount in RO ‘000 | | 2009 | 2008 | Growth | | Net investment in finance leases | 69,534 | 76,899 | -9.6% | | Total assets | 72,150 | 80,359 | -10.2% | | Net worth | 18,784 | 17,610 | 6.7% | | Income from financing activities | 8,539 | 7,837 | 9.0% | | Interest expense | (3,806) | (2,671) | 42.5% | | Total Income | 5,224 | 5,166 | 1.1% | | Operating expenses | (2,050) | (2,206) | -7.1% | | Profit before Provision | 3,174 | 2,960 | 7.2% | | Provision | 529 | 686 | -22.9% | | Profit before tax | 2,645 | 2,274 | 16.3% | | Net Profit after tax | 2,321 | 1,995 | 16.3% |
The Board of Directors recommended distribution of 20% stock dividend for the year 2009. The financial statements and dividend are subject to the approval of the Central Bank of Oman and the Annual General Meeting of the company. Robert Pancras Chief Executive Officer
| | Decisions taken during the EGM and the AGM for the year 2009 | We are pleased to inform you that the Extra Ordinary General Meeting and the Ordinary Annual General Meeting for the year 2009 of National Finance Co. SAOG was held at the office of National Finance, Al Khuwair on Tuesday, March 9, 2010 and the Shareholders’ have unanimously approved the following agenda items:
Extra Ordinary General Meeting
- Amendments to the Company’s Articles of Association.
Annual General Meeting The report of the Board of Directors for the financial year ended December 31 2009. The Corporate Governance Report for the financial year ended December 31 2009. The auditor’s report, the Balance Sheet and the Profit and Loss Account for the financial year ended December 31 2009. Distribution of bonus shares at the rate of 20% of the paid-up capital (2 share per every ten shares held). Consequently, the paid-up capital will be increased from 126,109,688 shares to 151,331,626 shares. Directors' Sitting Fees paid for the year 2009.
Directors' Sitting Fees proposed for the year 2010. Directors’ Remuneration of Rials 60,000 for the year 2009. The related parties' transactions during the year 2009. To authorize the Board to pay amounts not exceeding in total Rials 25,000 for charitable causes for the year 2010. Appointment of KPMG as the Statutory Auditors of the Company for the year 2010 and fixing their fee.
Robert Pancras
Chief Executive Officer
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