Oasis International Leasing has recorded a net profit of Dh171 million ($46.5 million) up 78 per cent over the corresponding period last year.

This is the highest net profit since the company's inception in 1997, said a top company official.

Oasis Chairman Hussain Al Nowais said the board of directors has recommended a 10 per cent dividend payment, split as 5 per cent in cash and 5 per cent in shares.

The company's 2007 financial report submitted to ADSM says that Oasis Leasing revenue soared to Dh465 million with a 51 per cent growth over 2006 revenue of Dh307 million.

The company’s operating profits rose to Dh132 million from Dh67 million in the previous year. The assets too posted a 27 per cent jump to Dh4.35 billion from Dh3.437 billion at the end of 2006. 

'2007 has been an extraordinary year for Oasis International Leasing. It will be remembered by all of Oasis’ stakeholders – particularly our shareholders – as a historic milestone in the reinvention of the company. This is mainly because during 2007, even as the company continued to grow its profitable leasing operations, it simultaneously began charting a new path based on a new vision to achieve business growth, diversification and more shareholder value,' Al Nowais said.

'Oasis will continue the restructuring process by making use of all available opportunities, especially in Abu Dhabi, which is witnessing sharp growth in all business sectors.”

“We will continue our focus on aviation leasing, but at the same time expand our portfolio in three other newly chosen business sectors - land development, maritime and financial services, which will help boost shareholder value,' he added.

During the meeting, Al Nowais noted that Oasis Leasing had taken five major new initiatives during the past year in line with its new vision to achieve a more diversified and growth oriented company.

In December 2007, Oasis finalised an agreement with Bahrain-based merchant bank, Addax, acquiring a 42.5 per cent stake through an increase of the bank's capital. This investment will power the financial services initiatives that Oasis wants to put in place.

Al Nowais also announced the establishment of Waha Land as a new subsidiary of Oasis Leasing, which will specialise in property development in Abu Dhabi in partnership with other real estate developers. The company will start operations once it receives the necessary regulatory approvals.-TradeArabia News Service