Financial Results for the Period Ended December 31,2025
Title :
Financial Results for the Period Ended December 31,2025
Content :
Board of Directors’ Report – 31st December 2025
Dear Shareholders,
On behalf of the Board, I take this opportunity to present the financial performance of Oman & Emirates Investment Holding Co SAOG for the twelve months period ended 31st December 2025, being the fourth quarter of the financial year-ending 31 March 2026.
The Parent Companyrecorded Net Profits of RO 1,816,915 during the period, compared to (Parent Company Net Profits of RO 701,012 during same period in 2024).
Stock Market Indices:
During the period MSX, ADX and DFM increased by 28.19%, 6.09% and 17.02% respectively, compared to MSX, ADX and DFM increases by 1.4%, 1.7% and 23% respectively during the same period last year.
Net Equity, Investments and Borrowing:
The Net Equity of the Parent Company increased by 7.46%, from from RO 24.351 million at 31.12.2024 to RO 26.167 millionat 31.12.2025.
The Total Investment Value of the Parent Company was RO 28.708 million as at 31.12.2025 (compared to RO 28.885 millionduring the same period in 2024).
The total borrowing of the Parent Company reduced to RO 5.828 million as at 31.12.2025 from RO 7.127 million during the same period in 2024.
In summary, the Parent Company performed better than 2024 with higher than expected income from dividends, lower costs and better anticipated results from Associates, particularly from Oman Fibre Optic Co. SAOC. Despite the massive impact of a very challenging prevailing environment over the past years, the Company’s overall financial structure is now better balanced to face future sustained income uncertainties. The investment environment presents opportunities that we have now started exploring.
Performance of Group Companies based on unaudited results:
Oman Fiber Optics Company SAOC
The share of profit for O&E from Oman Fiber Optics was RO 603K based on unaudited results.
Oman Hotels and Tourism Company SAOC
The unaudited results of this Associate indicated a profit of RO 898K during the period ended 31st December 2025 resulting in RO 285K share of profit for O&E. The Ruwi hotel remodeling is
progressing steadily partially funded b RO 750K secured convertible loan extended by the Company. The other hotels continue to pick up momentum gradually. United Finance Company SAOG, its Associate company engaged in leasing and financial services, continues to perform steadily and contribute to the profit.
National Aluminium Products Co. SAOG
Operations of the company are being revitalized. The unaudited preliminary disclosure indicated 23% increase in revenues both at Group and Parent levels and a substantial reduction in net losses. Net loss after tax reduced to RO 673K, a 54% reduction from previous year. This improvement is primarily being driven by cost optimization initiatives, shareholder funding, and improved working capital support secured. During the year 2025 O&E injected RO 500K as a convertible loan to Napco to support its turnaround plan.
Fincorp:
The subsidiary’s net assets were RO 6.092 million and recorded a loss of approximately RO 1 million during the twelve-month period ended 31st December 2025 O&E’s share of loss is RO 511K. The Income Statement maintained a provision for claims at approximately RO 1.5 million as on 31.12.2025
Omani Euro Food Industries Company SAOG:
The unaudited preliminary disclosure of this subsidiary recorded a loss of RO 594K during the period ended 31st December 2025 resulting in RO 480K share of loss on consolidation on groups unaudited results. Supported by O&E’s convertible loan injection of RO 100K during 2024, the new Board at the helm of the company is addressing growth through a renewed marketing strategy and working relationships with the major clients.
Acknowledgement:
On behalf of the Board, I express our sincere gratitude to His Majesty Sultan Haitham Bin Tarik, Sultan of Oman, and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, President of the United Arab Emirates, for their support. May God’s grace be bestowed on them towards having a good health and long life to achieve greater success in all their endeavours.
I also take this opportunity to convey our heartfelt gratitude to the Governments of the Sultanate of Oman and United Arab Emirates, to the Financial Services Authority, banks for their support, and to Shareholders for their continued involvement with the Company.
Mohamed Abdulla Mohamed Al Khonji
Chairman
12th February 2026
Oman and Emirates Investment Holding Company SAOG
Consolidated and separate condensed interim financial statements for the twelve month period ended 31 December 2025
Consolidatedandseparatecondensedinterimfinancialstatementsforthetwelvemonth period ended 31 December 2025
Contents Page
Administrationandcontactdetails
Independentauditor'sreviewreportontheconsolidatedandseparate condensed interim financial statements
1
2-3
Consolidatedandseparatecondensedinterimstatementoffinancialposition 4
Consolidatedandseparatecondensedinterim statementofprofitorloss and other comprehensive income
Consolidatedandseparatecondensedinterimstatementofchangesinshareholders' equity
Consolidatedandseparatecondensedinterimstatementofcashflows
Notestotheconsolidatedandseparatecondensedinterimfinancialstatements
5
6 -7
8
9 –25
 |
Administrationand contactdetailsas at31December2025
CommercialRegistrationNumber 1411411
VATRegistrationNumber OM1100092401
BoardofDirectors Mr.MohamedAbdullaMohamedAlKhonji Chairperson
Dr. Abdullah Masoud Humaid Al Harthy Vice-Chairman Mr. Khalid Masud Ansari Member
Mr. Abdul Aziz Masoud Humaid Al Harthy Member Mr.HassanSaddiqAbdawani Member
Audit Committee Mr. Khalid Masud Ansari Chairman Mr. Abdul Aziz Masoud Humaid Al Harthy Member Mr. Hassan Sadek Abdawani Member
NominationandRemuneration Committee
Dr. Abdullah Masoud Humaid Al Harthy Chairperson Mr. Mohamed Abdulla Mohamed Al Khonji MemberMr. Abdul Aziz Masoud Humaid Al Harthy Member
ExecutiveManagement
RaffyManougKozadjian
Acting Chief Executive Officer
ShahAbbasJafferRizvi FinancialController
RegisteredOffice P.O.Box 2205
PostalCode112,Ruwi Muscat
SultanateofOman
Bankers NationalBankofOmanSAOG Oman Arab Bank SAOG
Ahli Bank SAOG BankDhofarSAOG BankMuscatSAOG
FirstAbuDhabiBank,OmanBranch First Abu Dhabi Bank, UAE
AbuDhabiCommercialBank
Auditors BDOLLC
Suites601&602
Pent House, Beach One Bldg. WayNo.2601,ShattiAlQurum PO Box 1176, Ruwi, PC 112
Muscat
SultanateofOman
1
Tel:+96824955100 SuiteNo.601&602
Fax:+96824649030 PentHouse,BeachOneBldg
www.bdo.com.om WayNo.2601,ShattiAlQurum PO Box 1176, Ruwi, PC 112
SultanateofOman
ReviewReportontheConsolidatedandSeparateCondensedInterimFinancialStatements Introduction
WehavereviewedtheconsolidatedandseparatecondensedinterimstatementoffinancialpositionofOmanandEmirates InvestmentHoldingCompanySAOG("theParentCompany")anditssubsidiaries(togetherreferredtoas "theGroup")asat 31 December 2025, and the related consolidated and separate condensed interim statement of profit or loss and other comprehensive income, the consolidated and separate condensed interim statement of changes in shareholders' equity and the consolidated and separate condensed interim statement of cash flows for the twelve month period then ended, and notes to the consolidated and separate condensed interim financial statements, including a summary of material accountingpolicies(thecondensedinterimfinancialstatements). Managementis responsiblefor thepreparation andfair presentationoftheseconsolidatedandseparatecondensedinterimfinancialstatementsinaccordancewithInternational Accounting Standard (IAS) 34-Interim Financial Reporting and the relevant disclosure requirements of the Financial Services Authority (FSA). Our responsibility is to express a conclusion on these consolidated and separate condensed interim financial statements based on our review.
ScopeofReview
We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
BasisforQualifiedConclusion-ParentCompany
The Parent Company’s share of results of investment in subsidiaries and associates is accounted for based on respective management accounts prepared as at, and for the twelve month period ended, 31 December 2025. These management accounts have neither been reviewed nor audited by independent auditors. Consequently, we were unable to determine whether any adjustments to these amounts were considered necessary.
BasisforDisclaimerofConclusion-Group
The Group's total assets of A 39.18 million (31 December 2024: A 39.55 million), total liabilities of A 12.57 million (31 December 2024: A 13.68 million) and total equity of A 26.61 million (31 December 2024: A 25.87 million) include investment in a subsidiary -The Financial Corporation Company SAOG's (Fincorp) total assets of A 7.41 million (31 December2024:A 8.50million),total liabilitiesofA 1.32million(31December2024:A 1.41million),equityattributable to the Parent Company of A 3.12 million (31 December 2024: A 3.63 million), and share of non-controlling interest of A
2.98 million (31 December 2024: A 3.46 million) as at 31 December 2025. The Group's total income of A 4.10 million (31 December2024:A 2.59million)andtotalexpensesofA 3.33million(31December 2024:A 2.50million)includeFincorp's total income of A 1.01 million (31 December 2024: A 0.72 million) and total expenses of A 1.98 million (31 December 2024: A 1.14 million), respectively. The financial statements of Fincorp for the year ended 31 December 2024 were audited by another auditor who expressed a Disclaimer of Opinion on those statements due to the below reasons:
BDO LLC,anOmaniregistered limitedliability company,is amemberof BDO InternationalLimited,aUK company limitedby guarantee,andformspart of theinternationalBDOnetworkofIndependentmemberfirms.BDOisthebrandnamefortheBDOInternationalnetworkandforeachoftheBDOMemberFirms.
AccountantsandAuditorsLicenseNo.L1608592,FinancialAdvisoryLicenseNo.L1363000,CommercialRegistrationNo.1222681,VATIN:OM1100002154andTAXCardNo.
 |
IndependentAuditor'sReviewReportontheConsolidatedandSeparateCondensedInterimFinancialStatements
(continued)
BasisforDisclaimerofConclusion-Group(continued)
AsdescribedinNote25totheconsolidatedcondensedinterimfinancialstatements,duringtheyear2023,thesubsidiary, Fincorp, identified irregularities in the brokerage division which led to an investigation by an independent consultant appointed by Fincorp's Board of Directors. The initial report of phase 1 of the investigation dated 29 September 2024 identified trade reporting discrepancies of A 3.2 million, which the consultant has reported as having impacted both clientreceivablesandpayables.TheconsultantisworkingwiththemanagementofFincorptoreconcileclientbalancesas part of phase 2 of their ongoing investigation. The management of Fincorp has recognised additional provision of A 0.87 million during year ended 31 December 2025 (year ended 31 December 2024: A 0.60 million), but uncertainty remains regarding its adequacy, and the full financial impact of theirregularities, including the recoverabilityof the receivables.
As a result we were unable to determine whether any adjustments were necessary in respect of Fincorp's total assets, total liabilities, shareholders' equity, income and expenses included in these consolidated condensed interim financial statements.
QualifiedConclusion-ParentCompany
Basedonourreview, withtheexceptionofthematters describedin theBasis forQualified Conclusion- ParentCompany section of our report, nothing has come to our attention that causes us to believe that the accompanying separate condensed interim financial statements are not prepared, in all material respects, in accordance with IAS 34 and do not comply, in all material aspects, with the relevant disclosure requirements issued by the FSA.
DisclaimerofConclusion-Group
We do not express a review conclusion on the accompanying consolidated condensed interim financial statements of the GroupbecauseofthesignificanceofthematterdescribedintheBasisforDisclaimerofConclusion-Groupsectionofour report.
Muscat BipinKapur
Date:12February2026 Partner
M.No:043615
InstituteofCharteredAccountantsofIndia,NewDelhi,India
OmanandEmiratesInvestmentHoldingCompanySAOG
Consolidated and separate condensed interim statement of financial position as at 31 December 2025 (Expressed in A)
 |
|
Group ParentCompany
|
|
31December |
|
31December |
|
31December |
|
31December |
|
Note |
2025 (Un-audited) |
|
2024 (Audited) |
|
2025 (Un-audited) |
|
2024 (Audited) |
| ASSETS |
|
|
|
|
|
|
|
| Cashandbankbalances 6 |
1,280,560 |
|
2,155,379 |
|
180,198 |
|
412,139 |
| Tradeandotherreceivables 7 |
1,988,949 |
|
1,338,029 |
|
1,483,560 |
|
175,021 |
| Inventories 8 |
189,989 |
|
292,582 |
|
- |
|
- |
| Investmentsatfairvaluethroughprofitorloss 9 |
13,922,463 |
|
13,852,346 |
|
10,291,272 |
|
10,012,944 |
| Investmentinassociates 10 |
17,334,568 |
|
17,049,614 |
|
15,296,927 |
|
15,241,212 |
| Investmentinsubsidiaries 11 |
- |
|
- |
|
3,119,323 |
|
3,630,363 |
| Investmentproperty 12 |
2,520,050 |
|
2,702,250 |
|
2,308,050 |
|
2,432,250 |
| Property,plantandequipment 5 |
1,577,119 |
|
1,758,187 |
|
260,918 |
|
272,836 |
| Right-of-useassets |
345,679 |
|
358,975 |
|
- |
|
- |
| Deferredtaxassets |
17,079 |
|
46,507 |
|
- |
|
- |
| TOTALASSETS |
39,176,456 |
|
39,553,869 |
|
32,940,248 |
|
32,176,765 |
|
EQUITYANDRESERVES |
|
|
|
|
|
|
|
| Sharecapital 16 |
12,187,500 |
|
12,187,500 |
|
12,187,500 |
|
12,187,500 |
| Legalreserve 17 |
5,062,733 |
|
5,062,733 |
|
4,062,500 |
|
4,062,500 |
| Retainedearnings |
6,870,185 |
|
5,533,574 |
|
9,917,968 |
|
8,101,053 |
| TotalequityandreservesoftheParentCompany |
24,120,418 |
|
22,783,807 |
|
26,167,968 |
|
24,351,053 |
| Non-controllinginterest |
2,487,953 |
|
3,088,911 |
|
- |
|
- |
| TOTALEQUITYANDRESERVES |
26,608,371 |
|
25,872,718 |
|
26,167,968 |
|
24,351,053 |
|
LIABILITIES |
|
|
|
|
|
|
|
| Leaseliabilities |
402,564 |
|
401,564 |
|
- |
|
- |
| Bankborrowings 6 |
229,222 |
|
68,608 |
|
132,007 |
|
- |
| Termloan 13 |
2,203,878 |
|
2,127,371 |
|
2,203,878 |
|
2,127,371 |
| Tradeandotherpayables 14 |
2,454,421 |
|
2,430,608 |
|
811,395 |
|
698,341 |
| LoanfromGovernment 15 |
7,278,000 |
|
8,653,000 |
|
3,625,000 |
|
5,000,000 |
| TOTALLIABILITIES |
12,568,085 |
|
13,681,151 |
|
6,772,280 |
|
7,825,712 |
|
TOTALEQUITYANDLIABILITIES |
39,176,456 |
|
39,553,869 |
|
32,940,248 |
|
32,176,765 |
| Netassetspershare 24 |
0.198 |
|
0.187 |
|
0.215 |
|
0.200 |
The unaudited consolidated and separate condensed interim financial statements, as set out on pages 4 to 25, were approved and authorised for issue by the Board of Directors and signed on their behalf by:
| Mr.MohamedAbdullaMohamedAlKhonji |
RaffyManougKozadijan |
ShahAbbasJafferRizvi |
| Chairman |
ActingChiefExecutiveOfficer |
FinancialController |
4
OmanandEmiratesInvestmentHoldingCompanySAOG
Consolidated and separate condensed interim statement of profit or loss and other comprehensive incomefor the twelve month period ended 31 December 2025
 |
(Expressedin A )
Group ParentCompany
|
|
Periodfrom1 |
Periodfrom1 |
|
|
Periodfrom1 |
Periodfrom1 |
|||
| October2025to |
October2024to |
|
|
October2025to |
October2024to |
||||
|
|
Periodended31 |
Yearended31 |
31December |
31December |
Periodended31 |
Yearended31 |
31December |
31December |
|
|
|
December2025 |
December2024 |
2025 |
2024 |
December2025 |
December2024 |
2025 |
2024 |
|
| Note |
(Un-audited) |
(Audited) |
(Un-audited) |
(Un-audited) |
(Un-audited) |
(Audited) |
(Un-audited) |
(Un-audited) |
|
| Netinvestmentincome/(loss) 20 |
2,992,676 |
1,165,962 |
13,344 |
(71,191) |
2,332,794 |
587,586 |
(125,498) |
(60,107) |
|
| Shareofprofitofassociates 10 |
1,210,421 |
1,261,925 |
487,623 |
587,621 |
887,790 |
1,159,342 |
376,438 |
502,403 |
|
| Shareoflossofsubsidiaries 11 |
- |
- |
- |
- |
(511,040) |
(221,869) |
(120,719) |
(237,921) |
|
| Gross(loss)/profitonsaleoffoodproducts 21 |
(148,374) |
56,290 |
(4,304) |
(25,914) |
- |
- |
- |
- |
|
| Otherincome |
36,757 |
104,569 |
34,120 |
796 |
- |
68,000 |
- |
- |
|
| Totalincome |
4,091,480 |
2,588,746 |
530,783 |
491,312 |
2,709,544 |
1,593,059 |
130,221 |
204,375 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
| Staffcosts |
(685,597) |
(761,710) |
(161,209) |
(196,581) |
(323,440) |
(317,160) |
(80,895) |
(76,205) |
|
| Administrativeexpenses |
(733,922) |
(784,698) |
(220,450) |
(216,911) |
(326,646) |
(350,154) |
(83,883) |
(89,376) |
|
| Financecosts |
(375,303) |
(358,038) |
(105,115) |
(141,024) |
(242,543) |
(224,733) |
(52,155) |
(90,280) |
|
| Provisionforclaims 25 |
(867,016) |
(600,000) |
(367,375) |
(389,591) |
- |
- |
- |
- |
|
| (Provision)/reversalofexpectedcreditlosses 7 |
(606,563) |
1,770 |
173 |
- |
- |
- |
- |
- |
|
| Impairmentoninvestmentproperty |
(58,000) |
- |
(4,000) |
- |
- |
- |
- |
- |
|
| Totalexpenses |
(3,326,401) |
(2,502,676) |
(857,976) |
(944,107) |
(892,629) |
(892,047) |
(216,933) |
(255,861) |
|
|
Netprofit/(loss)beforetaxfortheperiod/year |
765,079 |
86,070 |
(327,193) |
(452,795) |
1,816,915 |
701,012 |
(86,712) |
(51,486) |
|
| Incometaxexpense |
(29,426) |
(14,564) |
(29,426) |
(14,564) |
- |
- |
- |
- |
|
| Netprofit/(loss)aftertaxandtotalcomprehensive |
|
|
|
|
|
|
|
|
|
| income/(loss)fortheperiod/year 735,653 |
71,506 |
(356,619) |
(467,359) |
1,816,915 |
701,012 |
(86,712) |
(51,486) |
||
|
Netprofit/(loss)aftertaxattributableto: |
|
|
|
|
|
|
|
|
|
| ParentCompany |
|
|
363,085 |
(211,883) |
(204,345) |
1,816,915 |
701,012 |
(86,712) |
(51,486) |
| Non-controllinginterest |
|
(600,958) |
(291,579) |
(144,736) |
(263,014) |
- |
- |
- |
- |
|
|
|
735,653 |
71,506 |
(356,619) |
(467,359) |
1,816,915 |
701,012 |
(86,712) |
(51,486) |
|
Earnings/(loss)pershare-basicanddiluted |
23 |
0.011 |
0.003 |
(0.002) |
(0.002) |
0.015 |
0.006 |
(0.001) |
(0.000) |
5
AttributabletoOwnersoftheParentCompany
|
Group |
Sharecapital |
|
Legal reserve |
|
Retained earnings |
|
Total |
|
Non-controlling interest |
|
Total |
|
Asat31December2023(audited) |
12,187,500 |
|
5,062,733 |
|
5,170,489 |
|
22,420,722 |
|
3,380,490 |
|
25,801,212 |
|
Net profit / (loss) after tax andtotal comprehensive income for the year |
- |
|
- |
|
363,085 |
|
363,085 |
|
(291,579) |
|
71,506 |
| Asat31December2024(audited) |
12,187,500 |
|
5,062,733 |
|
5,533,574 |
|
22,783,807 |
|
3,088,911 |
|
25,872,718 |
|
Net profit / (loss) after tax andtotal comprehensive income for the period |
- |
|
- |
|
1,336,611 |
|
1,336,611 |
|
(600,958) |
|
735,653 |
| Asat31December2025(un-audited) |
12,187,500 |
|
5,062,733 |
|
6,870,185 |
|
24,120,418 |
|
2,487,953 |
|
26,608,371 |
| ParentCompany |
Sharecapital |
|
Legalreserve |
|
Retainedearnings |
|
Total |
|
Asat31December2023(audited) |
12,187,500 |
|
4,062,500 |
|
7,400,041 |
|
23,650,041 |
| Netprofitaftertaxandtotalcomprehensiveincomefortheyear |
- |
|
- |
|
701,012 |
|
701,012 |
| Asat31December2024(audited) |
12,187,500 |
|
4,062,500 |
|
8,101,053 |
|
24,351,053 |
| Netprofitaftertaxandtotalcomprehensiveincomefortheperiod |
- |
|
- |
|
1,816,915 |
|
1,816,915 |
| Asat31December2025(un-audited) |
12,187,500 |
|
4,062,500 |
|
9,917,968 |
|
26,167,968 |
OmanandEmiratesInvestmentHoldingCompanySAOG
Consolidated and separate condensed interim statement of cash flows for the twelve month period ended 31 December 2025
 |
(ExpressedinA)
 |
|
Group ParentCompany
|
|
Periodended 31 December |
Yearended31 December |
Periodended 31 December |
Yearended31 December |
| 2025 |
2024 |
2025 |
2024 |
|
| (Un-audited) |
(Audited) |
(Un-audited) |
(Audited) |
|
| Cashflowsfromoperatingactivities Notes |
|
|
|
|
| Netprofitbeforetaxfortheperiod/year |
765,079 |
86,070 |
1,816,915 |
701,012 |
| Adjustments for: |
|
|
|
|
| Interestincome |
(54,655) |
(161) |
(54,655) |
(161) |
| Depreciationandamortisationofrightofuseassets |
336,340 |
374,692 |
139,095 |
177,647 |
| Shareofprofitfrominvestmentsinassociates and subsidiaries 10&11 |
(1,210,421) |
(1,261,925) |
(376,750) |
(937,473) |
| Dividendincome 20 |
(625,616) |
(612,722) |
(429,241) |
(416,576) |
| Unrealised (profit) / loss on investments at fair valuethrough profit or loss 9 |
(1,863,720) |
17,367 |
(1,515,918) |
92,146 |
| Realisedprofitonsaleofinvestmentsatfairvalue throughprofitorloss 9 |
(249,710) |
(262,670) |
(190,674) |
(124,323) |
| Allowanceforexpectedcreditlosses/(reversal)on tradeandrelatedpartyreceivables 7 |
606,563 |
(1,770) |
- |
- |
| Provisionforclaims 14 |
867,016 |
- |
- |
- |
| Impairmenton investmentproperty |
58,000 |
- |
- |
- |
| Accrualsforemployeebenefit liabilities |
28,652 |
20,404 |
6,827 |
9,433 |
| Finance costs |
375,303 |
358,038 |
242,543 |
224,733 |
|
|
(967,169) |
(1,282,677) |
(361,858) |
(273,562) |
| Inventories |
102,593 |
153,828 |
- |
- |
| Trade and other receivables |
(2,124,523) |
(128,528) |
(1,308,537) |
(100,045) |
| Trade and other payables |
53,062 |
501,220 |
106,224 |
(69,324) |
| Cashusedinoperatingactivities |
(2,936,037) |
(756,157) |
(1,564,171) |
(442,931) |
| Employeebenefitliabilitiespaid |
(57,875) |
(14,561) |
- |
- |
| Netcashusedinoperatingactivities |
(2,993,912) |
(770,718) |
(1,564,171) |
(442,931) |
|
Cashflowsfrominvestingactivities |
|
|
|
|
| Purchase of property,plant and equipment 5 |
(17,776) |
(2,310) |
(2,977) |
- |
| Dividend incomereceived |
680,271 |
612,883 |
483,896 |
416,737 |
| Dividend incomereceived fromassociates |
925,467 |
656,855 |
832,075 |
529,502 |
| Proceedsfromsaleofinvestmentsatfairvaluethrough profit or loss |
2,209,446 |
2,107,828 |
1,428,264 |
395,200 |
| Purchaseofinvestmentsatfairvaluethroughprofitor loss |
(166,133) |
(983,360) |
- |
- |
| Netcashfrominvestingactivities |
3,631,275 |
2,391,896 |
2,741,258 |
1,341,439 |
|
Cashflowsfromfinancing activities |
|
|
|
|
| Repaymentofbank borrowings |
(562,042) |
(566,568) |
(562,042) |
(566,568) |
| Proceeds frombankborrowings |
638,550 |
64,022 |
638,550 |
64,022 |
| RepaymentofloanfromGovernment |
(1,375,000) |
- |
(1,375,000) |
- |
| Financecostspaid |
(353,730) |
(336,465) |
(242,543) |
(224,733) |
| Paymentoflease liabilities |
(20,574) |
(20,624) |
- |
- |
| Netcashusedinfinancing activities |
(1,672,796) |
(859,635) |
(1,541,035) |
(727,279) |
|
Netchangein cashandcash equivalents |
(1,035,433) |
761,543 |
(363,948) |
171,229 |
| Cashandcashequivalents, beginning ofthe period |
1,994,347 |
1,232,804 |
319,715 |
148,486 |
| Cashandcashequivalents,endoftheperiod 6 |
958,914 |
1,994,347 |
(44,233) |
319,715 |
1 Legalstatusandprincipalactivities
OmanandEmirates InvestmentHolding CompanySAOG(“theCompany”or “theParentCompany”)is anOmani public joint stock company registered under the Commercial Companies Law and Regulations of the Sultanate of Oman. The Company’s shares are listed on the Muscat Stock Exchange and the Company is engaged in investment activities and related services. The Parent Company operates in the Sultanate of Oman and has a branch which operates under the relevant local requirements of the United Arab Emirates (UAE).
TheParentCompanyhasshareholdinginthefollowingsubsidiariesandequityaccountedassociates:
Country of incorporation
Shareholding
percentage Principalactivities
|
Subsidiaries |
|
2025 |
2024 |
|
| OmaniEuroFoodIndustriesCompanySAOG |
Oman |
81 |
81 |
Manufacturing of |
|
TheFinancialCorporationCompanySAOG |
Oman |
51 |
51 |
baby food Financialservices |
| Equityaccountedassociates OmanHotelsandTourismCompanySAOC |
Oman |
32 |
32 |
Hospitalityservices |
| OmanFiberOpticCompanySAOC |
Oman |
21 |
21 |
Fiberopticproducts |
The consolidated and separate condensed interim financial statements as at, and for the period ended, 31 December 2025, comprise the results of the Company and its subsidiaries (together referred to as “the Group”).
During the period, the Company resolved to change its financial year-end from 31 December to 31 March. Accordingly,thefirstconsolidatedandseperatefinancialstatementsunderthenewreportingperiodwillcover the extended period from 1 January 2025 to 31 March 2026.
ThisconsolidatedandseparatecondensedinterimfinancialstatementswereapprovedforissuebytheBoardof Directors on 12 February 2026.
2 Basisofpreparation
(a) Statementofcompliance
The consolidated and separate condensed interim financialstatements havebeen preparedin accordancewith the International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRS Accounting Standards), the applicable provisions of the Commercial Companies Law (CCL) and Regulations (CCR) of the Sultanate of Oman and the relevant disclosure requirements of the Financial Services Authority (FSA).
(b) Basisofmeasurement
The consolidated and separate condensed interim financial statements as at, and for the periodended, 31 December 2025 have been presented in accordance with International Accounting Standard 34 - “Interim Financial Reporting”. The accounting policies adopted in preparation of the consolidated and separate condensed interim financial statements are the same that were followed as at, and for the year ended, 31 December 2024. These consolidated and separate condensed interim financial statements should therefore be read in conjunction with the audited consolidated and separate financial statements prepared as at, and for the year ended, 31 December 2024.
2 Basisofpreparation(continued)
(c) Functionalcurrencies
The consolidated and separate condensed interim financial statements are presented in Omani Rials (A) which is the functional and reporting currency for the Group and the Parent Company.
3 Changesinaccountingpolicies
(a) Standards,amendmentsandinterpretationseffectiveandadoptedfrom1January2025
The following amendments to existing standards are effective for the reporting period beginning on or after 1 January 2025:
StandardorInterpretation Title
AmendmentstoIAS21
LackofExchangeability(AmendmentstoIAS21TheEffectsofChangesin Foreign Exchange Rates)
LackofExchangeability(AmendmentstoIAS21TheEffectsofChangesinForeignExchangeRates)
On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments).
The amendments introduce requirements to assess when a currency is exchangeable into anothercurrencyand whenit is not. TheAmendmentsrequireanentityto estimatethespotexchangeratewhenitconcludes thata currency is not exchangeable into another currency. The Amendments also introduce additional disclosure requirements when an entity estimates a spot exchange rate because a currency is not exchangeable into another currency.
Theseamendments haveno effect ontheconsolidatedandseparatecondensedinterimfinancialstatementsof the Group and the Parent Company.
(b) Standards,amendmentsandinterpretationsissuedbutnotyeteffective
Thefollowingnew/amendedaccountingstandardsandinterpretationshavebeenissuedbyIASBthatare effectiveinfutureaccountingperiodsandtheGroupandtheParentCompanyhavedecidednottoadoptearly:
Standardor
Interpretation Title
Effectiveforannual periodsbeginning
onorafter
AmendmentstoIFRS9 and IFRS 7
AmendmentstoIFRS9 and IFRS 7
IFRS18
IFRS19
AmendmentstotheClassificationandMeasurementof Financial Instruments
Contracts Referencing Nature-dependent Electricity Presentation and Disclosure in Financial Statements SubsidiarieswithoutPublicAccountability:Disclosures
1January2026
1January2026
1January 2027
1January 2027
The Group and the Parent Company does not expect these amendments and standards issued but not yet effective, to have a material impact on the consolidated and separate condensed interim financial statements of the Group and the Parent Company, except for IFRS 18.
3 Changesinaccountingpolicies(continued)
(b)Standards,amendmentsandinterpretationsissuedbutnotyeteffective(continued)
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedesIAS1andwillresultinmajorconsequentialamendmentstoIFRSAccountingStandardsincluding IAS
8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the financialstatements, it is expected to have a significant effect on thepresentation anddisclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.
4 Materialaccountingpolicyinformation,criticalaccountingestimatesandkeysourceofestimation uncertainty
(a) Materialaccountingpolicyinformation
The accounting policies used in the preparation of the consolidated and separate condensed interim financial statementsareconsistentwiththoseusedintheauditedconsolidatedandseparatefinancialstatementsofthe Group and the Parent Company prepared as at, and for the year ended, 31December 2024, as described in those audited consolidated and separate financial statements.
(b) Criticalaccountingestimatesandkeysourceofestimationuncertainty
The preparation of consolidated and separate condensed interim financialstatements requires managementto make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual figures may differ from these estimates and judgments. While preparing the unaudited consolidated and separate condensed interim financial statements, the significant judgments made by the management in applying the accounting policies and the key sources of estimation and uncertainty were the same as those that were applied to the annual audited consolidated and separate financial statements prepared as at, and for the year ended, 31 December 2024.
The Group’s and the Parent Company's activities expose it to a variety of financial risks:market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The consolidated and separate condensed interim financial statements do not include all financial risk management information and disclosures which are required in the annual audited consolidated and separate financial statements, and should therefore be read in conjunction with the audited consolidated and separate financial statements prepared as at, and for the year ended, 31 December 2024. There has been no change in the risk management policies since 31 December 2024.
| 5 |
Property,plantandequipment |
|
|
|||||||||
| (a) |
Themovementinproperty,plantandequipmentisassetout |
below: |
||||||||||
|
|
Group |
|
||||||||||
|
|
2025(un-audited) |
Buildings |
|
Plantand equipment |
|
Furnitureand fixtures |
|
Office equipment |
|
Motorvehicles |
|
Total |
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
At1January 2025 |
1,996,407 |
|
6,737,725 |
|
882,439 |
|
209,296 |
|
211,377 |
|
10,037,244 |
|
|
Additionsduringtheperiod |
2,489 |
|
5,404 |
|
3,258 |
|
6,625 |
|
- |
|
17,776 |
|
|
Disposalsduringtheperiod |
- |
|
- |
|
- |
|
- |
|
(8,700) |
|
(8,700) |
|
|
At31December2025 |
1,998,896 |
|
6,743,129 |
|
885,697 |
|
215,921 |
|
202,677 |
|
10,046,320 |
|
|
Accumulateddepreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
At1January 2025 |
1,171,243 |
|
5,816,007 |
|
879,071 |
|
201,374 |
|
211,362 |
|
8,279,057 |
|
|
Chargefortheperiod |
48,299 |
|
144,893 |
|
1,727 |
|
3,925 |
|
- |
|
198,844 |
|
|
Disposalsduringtheperiod |
- |
|
- |
|
- |
|
- |
|
(8,700) |
|
(8,700) |
|
|
At31December2025 |
1,219,542 |
|
5,960,900 |
|
880,798 |
|
205,299 |
|
202,662 |
|
8,469,201 |
|
|
Netbookamount |
|
|
|
|
|
|
|
|
|
|
|
|
|
At31December2025 |
779,354 |
|
782,229 |
|
4,899 |
|
10,622 |
|
15 |
|
1,577,119 |
| 5 |
Property,plantandequipment(continued) |
|
|||||||||
| (a) |
Themovementinproperty,plantandequipmentisassetoutbelow: |
||||||||||
|
|
Group |
||||||||||
|
|
2024(Audited) Buildings |
|
Plantand equipment |
|
Furnitureand fixtures |
|
Office equipment |
|
Motorvehicles |
|
Total |
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
At1January 2024 1,996,407 |
|
6,737,725 |
|
881,444 |
|
207,981 |
|
211,377 |
|
10,034,934 |
|
|
Additionsduringtheyear - |
|
- |
|
995 |
|
1,315 |
|
- |
|
2,310 |
|
|
At31December2024 1,996,407 |
|
6,737,725 |
|
882,439 |
|
209,296 |
|
211,377 |
|
10,037,244 |
|
|
Accumulateddepreciation |
|
|
|
|
|
|
|
|
|
|
|
|
At1January 2024 1,123,028 |
|
5,671,278 |
|
838,299 |
|
197,892 |
|
211,362 |
|
8,041,859 |
|
|
Chargeforthe year 48,215 |
|
144,729 |
|
40,772 |
|
3,482 |
|
- |
|
237,198 |
|
|
At31December2024 1,171,243 |
|
5,816,007 |
|
879,071 |
|
201,374 |
|
211,362 |
|
8,279,057 |
|
|
Netbookamount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
921,718 |
|
3,368 |
|
7,922 |
|
15 |
|
1,758,187 |
| 5 |
Property,plantandequipment(continued) |
|
||||||||
| (a) |
Themovementinproperty,plantandequipmentisassetoutbelow: |
|||||||||
|
|
ParentCompany |
|||||||||
|
|
2025(Un-audited) |
Buildings |
|
Furnitureand fixtures |
|
Office equipment |
|
Motorvehicles |
|
Total |
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
At1January 2025 |
345,000 |
|
331,975 |
|
92,444 |
|
137,595 |
|
907,014 |
|
|
Additionsduringtheperiod |
- |
|
- |
|
2,977 |
|
- |
|
2,977 |
|
|
At31December2025 |
345,000 |
|
331,975 |
|
95,421 |
|
137,595 |
|
909,991 |
|
|
Accumulateddepreciation |
|
|
|
|
|
|
|
|
|
|
|
At1January 2025 |
74,750 |
|
331,975 |
|
89,858 |
|
137,595 |
|
634,178 |
|
|
Chargefortheperiod |
13,800 |
|
- |
|
1,095 |
|
- |
|
14,895 |
|
|
At31December2025 |
88,550 |
|
331,975 |
|
90,953 |
|
137,595 |
|
649,073 |
|
|
Netbookamount |
|
|
|
|
|
|
|
|
|
|
|
At31December2025 |
256,450 |
|
- |
|
4,468 |
|
- |
|
260,918 |
| 5 |
Property,plantandequipment(continued) |
|
|
|
|
|
|
|
|
|
| (a) |
Themovementinproperty,plantandequipmentisassetoutbelow: |
|
|
|
|
|
|
|
|
|
|
|
ParentCompany |
|
|
|
|
|
|
|
|
|
|
|
2024(Audited) |
Buildings |
|
Furnitureand fixtures |
|
Office equipment |
|
Motorvehicles |
|
Total |
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
|
At1January2024and |
|
|
|
|
|
|
|
|
|
|
|
at31December2024 |
345,000 |
|
331,975 |
|
92,444 |
|
137,595 |
|
907,014 |
|
|
Accumulateddepreciation |
|
|
|
|
|
|
|
|
|
|
|
At1January 2024 |
60,950 |
|
293,310 |
|
88,876 |
|
137,595 |
|
580,731 |
|
|
Chargeforthe year |
13,800 |
|
38,665 |
|
982 |
|
- |
|
53,447 |
|
|
At31December2024 |
74,750 |
|
331,975 |
|
89,858 |
|
137,595 |
|
634,178 |
|
|
Netbookamount |
|
|
|
|
|
|
|
|
|
|
|
At31December2024 |
270,250 |
|
- |
|
2,586 |
|
- |
|
272,836 |
6Cashandbank balances
Group
Parent Company
|
|
31December |
31December |
31December |
31December |
| 2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
|
| Cashon hand |
2,467 |
2,057 |
1,341 |
1,022 |
| Cashat bank |
1,278,239 |
2,153,562 |
178,857 |
411,117 |
|
|
1,280,706 |
2,155,619 |
180,198 |
412,139 |
| Expected credit lossallowance |
(146) |
(240) |
- |
- |
|
|
1,280,560 |
2,155,379 |
180,198 |
412,139 |
(a) For the purposes of the consolidated and separate condensed interim statement of cash flows, cash and cash equivalents comprise the following:
Group ParentCompany
|
|
31December |
31December |
31December |
31December |
||
| 2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
|||
| Cashand bankbalances |
1,280,560 |
2,155,379 |
180,198 |
412,139 |
||
| Bank overdrafts |
(229,222) |
(68,608) |
(132,007) |
- |
||
| Restrictedbank balances |
(92,424) |
(92,424) |
(92,424) |
(92,424) |
||
|
|
958,914 |
1,994,347 |
(44,233) |
319,715 |
||
|
7Trade andotherreceivables Group Parent Company |
||||||
|
|
|
31December |
31December |
31December |
31December |
|
|
|
|
2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
|
|
|
Tradereceivables |
849,088 |
1,247,139 |
- |
- |
|
|
|
Duefrom related parties(Note 22) |
1,297,087 |
15,359 |
1,397,087 |
99,982 |
|
|
|
Allowanceforexpected creditlossesontrade and |
|
|
|
|
|
|
|
related party receivables |
(688,693) |
(82,130) |
- |
- |
|
|
|
|
1,457,482 |
1,180,368 |
1,397,087 |
99,982 |
|
|
|
Otherreceivables |
608,097 |
203,831 |
183,779 |
179,355 |
|
|
|
Allowanceforexpectedcreditlossesonother |
|
|
|
|
|
|
|
receivables |
(118,586) |
(118,586) |
(118,586) |
(118,586) |
|
|
|
|
1,946,993 |
1,265,613 |
1,462,280 |
160,751 |
|
|
|
Prepaidexpenses |
41,956 |
72,416 |
21,280 |
14,270 |
|
|
|
|
1,988,949 |
1,338,029 |
1,483,560 |
175,021 |
|
|
(a) |
Themovementinallowanceforexpected creditlossesis |
asfollows: |
|
|
|
|
| Group ParentCompany |
||||||
|
|
Periodended |
Yearended |
Periodended |
Yearended |
||
|
|
31December |
31December |
31December |
31December |
||
|
|
2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
||
| Openingbalance |
200,716 |
202,486 |
118,586 |
118,586 |
||
| Chargefor/(reversed)during theperiod |
606,563 |
(1,770) |
- |
- |
||
| Closingbalance |
807,279 |
200,716 |
118,586 |
118,586 |
||
8 
Inventories Group Parent Company
31December
2025
31December
2024
31December
2025
31December
2024
(Un-audited) (Audited) (Un-audited) (Audited)
Stores and spares 189,989 292,582 - - 189,989 292,582 - -
9 Investmentsatfairvaluethroughprofitorloss
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10
| 10Investmentinassociates(continued)
31December2025(Un-audited) Parent Company |
Shareholding percentage (%) |
Carryingand fair value |
Cost |
Shareof results |
| OmanHotelsand TourismCompany SAOC |
31.72 |
10,080,038 |
5,328,367 |
285,171 |
| OmanFiberOptic Company SAOC |
20.97 |
5,216,889 |
2,742,573 |
602,619 |
|
|
|
15,296,927 |
8,070,940 |
887,790 |
| 31December2024 (Audited) |
|
|
|
|
| Parent Company |
|
|
|
|
| OmanHotelsand TourismCompany SAOC |
31.72 |
9,794,867 |
5,328,367 |
96,562 |
| OmanFiberOptic Company SAOC |
20.97 |
5,446,345 |
2,742,573 |
1,062,780 |
|
|
|
15,241,212 |
8,070,940 |
1,159,342 |
| 11Investment insubsidiaries |
|
|
|
|
| Nameofsubsidiaries |
|
|
Shareholding |
Cost |
|
|
|
|
percentage |
|
| OmaniEuroFoodIndustriesCompanySAOG |
|
|
81% |
1,616,747 |
| TheFinancialCorporationCompanySAOG (Fincorp) |
|
|
51% |
5,083,591 |
|
|
|
|
|
6,700,338 |
|
|
|
|
31December |
31December |
|
|
|
|
2025 |
2024 |
|
|
|
|
(Un-audited) |
(Audited) |
| Cost |
|
|
6,700,338 |
6,700,338 |
| Impairmentallowance(a) |
|
|
(3,000,351) |
(3,000,351) |
| Revisedcost |
|
|
3,699,987 |
3,699,987 |
|
Opening carryingvalue |
|
|
3,630,363 |
3,852,232 |
| Shareof results |
|
|
(511,040) |
(221,869) |
| Closingcarryingvalue |
|
|
3,119,323 |
3,630,363 |
(a) The original cost of investment in Fincorp amounting to A 5,083,591 includes goodwill of A 1,383,604 which has been fully impaired and recognised in profit or loss in the previous years.
TheoriginalcostofinvestmentinOmaniEuroFoodIndustriesCompanySAOGamountingtoA1,616,747hasbeenfully impaired and recognised in profit or loss in the previous years.
(b) TheParentCompanyhaspartiallypledgeditsinvestmentinsubsidiarieswithcommercialbanks againstcreditfacilities obtained.
12Investmentproperties Group ParentCompany
|
|
Periodended 31December |
Yearended 31December |
Periodended 31December |
Yearended 31December |
| 2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
|
| Openingbalance |
2,702,250 |
2,826,450 |
2,432,250 |
2,556,450 |
| Less:depreciation charge for the period |
(124,200) |
(124,200) |
(124,200) |
(124,200) |
| Less:impairment chargefor the period (b) |
(58,000) |
- |
- |
- |
| Closingbalance |
2,520,050 |
2,702,250 |
2,308,050 |
2,432,250 |
12 Investmentproperties (continued)
(a) The investment properties relating to the Parent Company are stated at cost amounting to A 3,105,000 less accumulated depreciation. In the opinion of the management, the market value of theseinvestment propertiesas at 31 December 2025 approximate their carrying amounts.
(b) The fair value of the investment property inFincorp hasbeen determined at A 212,000based onan independentvaluation undertaken in January 2025, after a reduction in the current period to estimated forced sale.
13 Termloan Group ParentCompany
|
|
31December |
31December |
31December |
31December |
|
|
2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
| BanksinOman(Notea) |
2,203,878 |
2,127,371 |
2,203,878 |
2,127,371 |
|
Currentportion |
1,617,646 |
1,135,292 |
1,617,646 |
1,135,292 |
| Non-currentportion |
586,232 |
992,079 |
586,232 |
992,079 |
|
|
2,203,878 |
2,127,371 |
2,203,878 |
2,127,371 |
(a) The Group's and the Parent Company’s Aterm loans carry effectiveannual interestrates rangingbetween 6% and 6.75% per annum (2024: between 6% and 6.75% per annum).
14 Tradeandother payables Group ParentCompany
|
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(b)The provision for claim which is based on the preliminary investigation report submitted by an independent consultant to one of the subsidiaries, Fincorp, amounted to A 879,310 after settlement of A 587,706 of which A 600,000 was charged in the profit or loss for the previous year, with the balance A 867,016 being charged in the current period. This provision is subject to change based on any further developments that may take place with respect to the investigation which is currently on-going (Note 25).
15 
Loanfrom Government Group Parent Company
31December
2025
31December
2024
31December
2025
31December
2024
(Un-audited) (Audited) (Un-audited) (Audited)
LoansfromGovernment availedby:
Parent Company 3,625,000 5,000,000 3,625,000 5,000,000
OmaniEuroFood
3,653,000 3,653,000 - -
7,278,000 8,653,000 3,625,000 5,000,000
Less:deferred Government grantrelating to:
|
Parent Company (181,406) (351,474) (181,406) (351,474)
 |
Netamount 7,096,594 8,301,526 3,443,594 4,648,526
In the year 2001, the Parent Company received interest-free and unsecured loans of A 7,500,000 each from the Government of Oman and the UAE. The loan was repayable in 6 annual installments commencing from November 2021. A further extension was granted and repayment ofloan was expected to commence from March 2022. Partial repayment of the first installment amounting to A1.2 million was made on 31 May 2022 and full repaymentof thebalance outstandingof the firstand second installments totaling A 3.8million wasmadeon 28June 2022.Further, theParent Companysettled the third installment of A 2.5 million on 24 November 2022 and subsequently the fourth installment was duly paid in November 2023 to align with the repayment schedule. The November 2024 installment of the loan was not repaid by the Parent Companydue toshortageoffundsand an extension wasrequested with a positive outlook fromthe Governmentsin support of the Parent Company. The management has accrued the penal interest for the period based on the agreement.
In October 2025, the Governments of the Sultanate of Oman and the United Arab Emirates (UAE) mutually agreed to reschedule the outstanding Government soft loans until November 2028. Based on the revised repayment terms, the Government of the Sultanate of Oman has instructed the Parent Company to settle the outstanding balance of A 2.5million through four equal annual installments of A 0.625 million each, commencing from November 2025. Similarly, the Government of the UAE has directed the ParentCompany to repay its outstanding balance of A 2.5 million in four annual installments, with three installments of A 0.750million (equivalent toAED 7.15 million) starting from November 2025, and thefinalinstallmentofA 0.251million(equivalenttoAED2.38million)due inthe year2028. Accordinglythe Companyhas settled both the Government loan installments on time in November 2025.
The loans obtained by Omani Euro Food Industries Company SAOG were arranged through a commercial bank on behalf of the Government of the Sultanate of Oman. In the year 2021, the repayment schedule of the Government soft loans were revised as agreed with the Government of the Sultanate of Oman. These loans carry an effective interest rate of 3% per annum and are secured by a registered mortgage over the subsidiary’s property, plant and equipment in favour of the commercial bank disbursing the soft loans.
16 Sharecapital
The authorised share capital of the Parent Company is A 20,000,000, comprising of 200,000,000ordinary sharesof A 0.100 each (31 December 2024: A 20,000,000, comprising of 200,000,000 shares of A 0.100 each). The issued and fully paid-up sharecapitalcomprisesof121,187,500(31December2024:121,187,500)ordinarysharesofA0.100each(31December
2024:A0.100each).
ShareholdersoftheParentCompanywhoown10%ormoreoftheshares,whetherintheirname,orthroughanominee account, and the number of shares they hold are as follows:
31December2025 31December2024
Percentage shareholding
Numberof
shares
Percentage shareholding
Numberof
shares
| Brig.(Rtd) MasoodHumaidAl Harthy |
24.99% |
30,456,562 |
24.99% |
30,456,562 |
| AlKhonji InvestsLLC and Group,Oman |
26.30% |
32,055,169 |
21.76% |
26,079,783 |
17 Legal reserve
In accordance with the provisions of the Commercial Companies Law and Regulations of the Sultanate of Oman, annual appropriations of 10% of the net profit after tax are made to this reserve until the accumulated balance of the reserve is equal to one-third of the Parent Company's issued and fully paid-up share capital. This reserve is not available for distribution.
18 Revaluationreserve
In accordance with the Group's policy, the items of property, plant and equipment of the Group and the Parent Company arestatedathistorical costlessaccumulateddepreciation andanyimpairmentin valuein theseconsolidatedandseparate condensed interim financial statements. In case where associates or subsidiaries of the Group carry any items of property, plant and equipment at a revalued amount in their respective stand-alone financial statements, the Group’s share of the revaluationsurplusorlossisnotaccounted forintheseconsolidatedandseparatecondensedinterimfinancialstatements.
The Group’s share of revaluation surplus or deficit on property, plant and equipment of its subsidiaries or equityaccounted associates, not accounted for in these consolidated and separate condensed interim financial statements in accordance with the Group’s policy, is as follows:
31December
2025
31December
2024
(Un-audited) (Audited)
 |
Associates 2,104,605 2,104,605
19 Dividends
No cash dividend for the year 2024 was approved in the Annual General Meeting of the Parent Company held on 29 March 2025.
20 Netinvestmentincome Group
|
|
|
|
Periodfrom1 |
Periodfrom1 |
|
|
|
|
October2025 |
October2024 |
|
|
Periodended |
Yearended |
to 31 |
to 31 |
|
|
31December |
31December |
December |
December |
|
|
2025 |
2024 |
2025 |
2024 |
| Realisedincome |
|
|
|
|
| Dividend income |
625,616 |
612,722 |
(135,332) |
(93,286) |
| Realisedprofitonsale ofinvestments atfairvalue through profit or loss |
249,710 |
262,670 |
56,297 |
67,449 |
| Rental income |
158,960 |
140,373 |
41,970 |
35,880 |
| Brokeragecommissionincome |
- |
75,362 |
- |
27,890 |
| Assetmanagementfees |
56,669 |
93,742 |
- |
29,175 |
| Interestincome |
54,655 |
161 |
25,031 |
114 |
| Totalrealisedinvestmentincome/(loss)(A) |
1,145,610 |
1,185,030 |
(12,034) |
67,222 |
|
Unrealisedincome |
|
|
|
|
| Unrealised profit/(loss) on investments at fair value through profit or loss |
1,863,720 |
(17,367) |
25,378 |
(137,681) |
| Totalunrealisedincome/(loss)(B) |
1,863,720 |
(17,367) |
25,378 |
(137,681) |
|
Totalinvestmentincome/(loss)(A+B) |
3,009,330 |
1,167,663 |
13,344 |
(70,459) |
| Less:investment relatedexpenses |
(16,654) |
(1,701) |
- |
(732) |
| Totalnetinvestmentincome/ (loss) |
2,992,676 |
1,165,962 |
13,344 |
(71,191) |
20Netinvestmentincome (continued) Parent Company
|
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22Relatedpartytransactionsand balances
Related partiescomprisethe shareholders, directors, businessentitiesin which they havetheabilitytocontrolorexercise significant influence infinancial and operating decisionsand with senior management. The Group and the Parent Company have entered into transactions with entities related either to the shareholders or directors. In the ordinary course of business, such related parties provide goods and render services to the Group and the Parent Company. The transactions are carried on mutually agreed terms. During the period, the following transactions were carried out with the related parties:
22Relatedpartytransactionsand balances (continued)
(a) Transactionswiththe relatedpartiesincludedinthe consolidatedandseparate statementof profitorlossareasfollows:
Group Parent Company
|
|
31December |
31December |
31December |
31December |
|
|
2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
| Salesandincome |
|
|
|
|
| Associatesandotherrelatedparties |
42,985 |
1,634,514 |
- |
276,254 |
|
Purchasesand expenses |
|
|
|
|
| Directorsand key management personnel |
455,759 |
442,208 |
277,580 |
275,144 |
| Other relatedparties |
10,249 |
368,492 |
- |
969 |
|
|
466,008 |
810,700 |
277,580 |
276,113 |
|
Compensationofkeymanagementpersonnel |
|
|
|
|
| Basicsalariesandallowances |
359,564 |
343,037 |
243,885 |
241,631 |
|
Directors'sittingfees |
94,200 |
95,800 |
32,400 |
30,700 |
(b) Fundingtransactionstorelatedpartiesincludedinthe consolidatedand separatestatementoffinancial positionare as follows:
Group Parent Company
(c)
|
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Loans to related parties are unsecured, bear interest at 7.5% per annum, arise in the ordinary course of business and are authorised by the Parent Company’s management. These loans are repayable within 1-2 years based on the arrangements with the related parties. The loans granted to Omani Euro Food Industries Company SAOG and National AluminiumProducts Company SAOG are convertible into equity in accordance with the agreed terms and conditions.
22Relatedpartytransactionsand balances (continued)
(d) Dueto related parties
Group ParentCompany
|
|
31December |
31December |
31December |
31December |
|
|
2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
| Directors(Note 14) |
18,262 |
14,262 |
- |
300 |
| Others (Note14) |
7,874 |
10,874 |
- |
- |
|
|
26,136 |
25,136 |
- |
300 |
23Basic/diluted earningspershare
Basic/diluted earningsper shareiscalculatedbydividing the netprofit aftertax attributableto equityshareholdersofthe Parent Company by the weighted average number of ordinary shares outstanding as at 31 December.
Group Parent Company
|
Weightedaveragenumberofoutstandingshares (Number)
Earningspershareattributabletoshareholdersof the Parent Company (A)
No figure for diluted earnings per share has been presented because the Parent Company has not issued any instrumentswhich would have an impact on earnings per share when exercised.
24Net assetsper share
The calculation of netassetspershareisbased ondividing thenet assetsattributabletoequity shareholdersof theParent Company by the number of ordinary shares outstanding as at 31 December.
Group Parent Company
|
|
31December |
31December |
31December |
31December |
| 2025 (Un-audited) |
2024 (Audited) |
2025 (Un-audited) |
2024 (Audited) |
|
| Net assets (A) |
24,120,418 |
22,783,807 |
26,167,968 |
24,351,053 |
|
Numberofsharesoutstanding (Number) |
121,875,000 |
121,875,000 |
121,875,000 |
121,875,000 |
|
Net assets pershare (A) |
0.198 |
0.187 |
0.215 |
0.200 |
25Fraudinvestigationrelatingtosubsidiary- Fincorp
i) During the year 2023, irregularities were detected in the brokerage division of Fincorp, leading to the appointment of a consultant, to investigate the matter. Phase 1 of the investigation has been completed, and Phase 2 is ongoing. The consultant's initial findings indicate financial misreporting through trade discrepancies (fraudulent trade shifts), whichhave resulted inthe understatement of client receivables and payables by an equivalent amount. The management of Fincorp is in the process of obtaining confirmation of balances from all clients and reconciling their balances.
ii) The above misstatements resulting from fraudulent trade shifts have also impacted the accurate reporting of brokerage commission income in the prior years.
iii) The investigation has identified unauthorised transactions in margin trading facilities with an overseas broker, resulting in losses, which were charged to various client accounts.
iv) Additionally, the report highlights instances of trade manipulation, where certain employees benefited from trade to the detriment of Fincorp and its clients. The management of Fincorp is evaluating legal measures to recover the losses from the individuals involved.
v) The consultant and Fincorp's management are working to meet with all clients and ensure all necessary documentation is available to adjust client account balances. Further, meetings and client confirmations are required to finalise the reconciliation of balances and determine the accurate financial impact on the financial statements of Fincorp.
vi) In one instance, from the year 2017, the employees opened a proprietary trading account with a US broker without obtaining the requisite Board approvals and, subsequently, began to undertake complex and highly risky leverage trades. These trades incurred considerable losses, some of which were duly recognised in profit or loss, albeit potentially in the wrong periods as they were concealed for an extended period of time.
vii) As a resultofthelosses andtheattemptstoconcealthem,Fincorpexperiencedliquidityissues whenclients submitted security sales and cash withdrawal requests.
viii)Inanotherinstance,theemployeesperformedunauthorisedtradingactivitiestobenefiteitherdirectlyorthrougha related party.
ix) At 31 December 2025, the reported net equity of Fincorp was A 6.09 million. In the opinion of Fincorp's management, account balances which are affected due to the above mentioned fraud are 'Trade and other receivables’ stated at A 0.47 million and ‘Trade and other payables' stated at A 1.29million. Allother assetsin aggregate amounting to A 6.95million, are correctly stated.
x) As at 31 December 2025, the Group has recognised an additional provision of A 867,016 to the existing provision of A 600,000 for any potential future claims arising from the settlement of client accounts. An amount of A600,000 was already provided in the audited consolidated financial statements of the Group as at 31 December 2024. Of the total provision recognised, an amount of A 587,706 was paid and settled during the period by Fincorp with its clients. The balance existing provision represents Fincorp management’s best estimate of the financial impact of the above irregularities based on currently available information.
26Subsequent events
There were no events subsequentto 31 December 2025 andoccurring before the dateof theapproval that are expectedto have a significant impact on these consolidated and separate condensed interim financial statements.
27Contingent liabilities Group
31December
2025
31December
2024
(Un-audited) (Audited)
Outstandingbankguarantees 15,000 15,000
Comments