The Abu Dhabi-based Oasis International Leasing Company recently announced that it has recorded a 26 percent increase in its revenues for 2001, reaching 219 million Emirati Dirhams ($59 million). Since its establishment four years ago, Oasis Leasing has delivered Dh588 million in revenues and net profits of Dh82 million, according to a company press release.
The company’s gross profit rose 36 percent to Dh31.5 million, reflecting the increase in leased assets, which grew by 29 percent to Dh1.73 million. Over the course of 2001, Oasis entered the shipping market with a 50 percent investment in a new 170,000-ton bulk carrier and also acquired a second Boeing 777 wide body aircraft on lease to Malaysian Airlines for 10 years.
“Taking out the asset trading we did in 2000, there was actually a 76 percent improvement in the underlying performance of the company. Also, as a result of the events of September 11 and the uncertainty in the market, we took a decision to terminate a number of projects, writing off Dh1.8 million in unrecoverable expenses as a result,” stated Chief Executive Gordon Dixon.
“In summary, while the headline net profit figure is lower by Dh10.2 million at Dh25.8 million, the true comparison before asset trading and unrecoverable expenses, shows an increase of Dh1.1 million or four percent,” Dixon continued.
Oasis International was set up in 1997 with an initial paid-in capital of Dh500 million ($136 million) as a joint venture between United Arab Emirate (UAE) nationals and founding shareholders. Founders include British Aerospace, Kuwait-based Gulf Investment Corporation (GIC), 10 local institutions and 47 private investors. Oasis’ total number of UAE national shareholders now stands at more than 38,000. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
