Oasis International Leasing PJSC today announced a net profit of AED 28.3 million for the first quarter ended 31 March 2007, an increase of 117 per cent over the AED 13.1 million earned by the company for the corresponding period in 2006.
Oasis’ revenues for the three-month period increased 67 per cent to AED 100.4 million compared to last year. Oasis operating profit showed an increase of 326 per cent to AED 23.6 million for the same period compared to AED 5.5 million in 2006. The operating assets of the company also recorded a 13.8 per cent increase to AED 3.9 billion compared to 2006.
Commenting on the first quarter performance of the company, Oasis Chairman, Hussain Al Nowais said: “The impressive results show that the company has become stronger over the year, and is positioned to achieve further growth.”
Al Nowais commended the management and employees of the company and said Oasis has adopted a new research-based methodology to evaluate its projects. “We believe that the new approach will reduce investment risk, ensure the rights of our stakeholders and partners and enhance the company’s reputation. It will also enable Oasis to tackle challenges in the local and international leasing industry.”
Oasis Leasing recently announced its intention to restructure itself as Oasis Holdings PJSC, which will in turn create two private joint stock companies – one of them Oasis Leasing and the other Oasis Capital – as subsidiaries. This move is pending regulatory and shareholder approval.
