Muscat: United Finance Company SAOG, a leading player and one of the fastest-growing institutions in the Finance and Leasing Companies (FLC) sector in Oman, proudly announces its recent achievement, winning the esteemed ‘Top Omani Brand’ award in the Finance Category at the Alam Al-Iktisaad Top Omani Brand Awards.

This distinguished recognition underscores United Finance’s steadfast dedication to excellence, innovation, and customer-centricity within the financial services domain.

The gala event, organised by United Media Services and presented by leading Omani business magazine Alam Al-Iktisaad, bestowed this honor upon the Company following comprehensive market research evaluating key performance indicators from the fiscal year 2023.

Central to the award selection process was United Finance’s notable milestone in 2023, where it recorded a net profit of RO1.79mn, marking an 11.7 per cent increase from the preceding year. Other parameters that were crucial to the win included the Company’s net increase in operating profits, which rose to RO3.2mn in 2023, representing a growth of 23.3 per cent from the previous year. Additionally, finance income experienced a 14.7 per cent surge, reaching RO8.8mn in 2023 compared to the previous year.

As part of its strategic initiatives, the Company remains committed to significant investments in Information Technology, Disaster Recovery, and Business Continuity Planning capabilities. These investments aim to preemptively address potential challenges while fostering innovation and improving service delivery.

Mr. Nasser Al Rashdi, the CEO of United Finance Company SAOG, emphasised the pivotal role of technology and preparedness in the company’s pursuit of delivering exceptional financial solutions. He remarked: “At United Finance, we remain steadfast in leveraging technology and enhancing preparedness to fulfill our mission of simplifying lives and empowering our clients to achieve more.”

Under the patronage of Chief Guest His Highness Sayyid Mohammed bin Thuwaini Al Said, the event witnessed the presence of esteemed business leaders, C-suite executives, brand representatives, and professionals from the marketing and communications domain.

The annual Top Omani Brand awards ceremony aims to recognise outstanding performers across various industry segments including banking, finance, insurance, luxury, automotive, manufacturing, investments, real estate, e-commerce, retail, technology, and sustainability.

The FLC sector has witnessed remarkable growth, largely influenced by the Central Bank of Oman’s commitment to enhancing the sector’s economic contribution. Recent regulatory reforms have expanded the operational scope for FLCs, enabling activities such as accepting corporate deposits, real estate financing, offering unsecured personal loans, and investing in rated corporate bonds listed on the Muscat Stock Exchange.

In response to these economic developments and risk assessments up to December 2023, United Finance Company SAOG has taken proactive measures to refine its exposure to various sectors. Conscious of risks associated with volatile sectors, the Company has also redirected focus towards sectors aligned with Vision 2040 objectives, such as hydrocarbons and others deemed lower risk. This strategic pivot highlights United Finance Company’s commitment to safeguarding its loan portfolio’s integrity and ensuring sustainable growth.