Oasis International Leasing has reported net after-tax annual profit of Dh171 million ($46.5 million) for 2007.

This is the highest net profit since the company's inception in 1997, and marks a 78 per cent growth over Dh96 million net profit earned in 2006.

Oasis Leasing's board of directors approved the financial results yesterday and recommended a 10 per cent dividend payment, split as five per cent in cash and five per cent in shares, said an official spokesman.

Oasis chairman HE Hussain Al Nowais presided over the board meeting in Abu Dhabi.

The company's 2007 financial report submitted to ADSM last evening says that Oasis Leasing achieved Dh465 million in revenues, 51 per cent growth over 2006 revenues of Dh307 million.

Operating profits also increased, reaching Dh132 million, compared to Dh67 million in the previous year.  Assets increased to Dh4.35 billion, posting a 27 per cent growth during the year 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, namely 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.

In November, Oasis signed a joint venture agreement with Blenheim Capital, a joint venture between Summit Overseas Development Ltd and Barclays Capital, to establish Waha Financial Services (WFS). 

WFS will have an initial capital of $13.6 million (Dh50 million), with Oasis investing 60 per cent and Blenheim investing 40 per cent.  WFS will specialise in structured finance and risk management solutions. 

WFS will also enter into local arrangements with entities within the UAE and the Middle East and North Africa (MENA) region for which offset and/or countertrade funding is to be sourced or arranged. It will initially focus on meeting the market demand for these specialised services in the UAE and MENA.

In the fourth quarter of 2007, Oasis, with its partners, announced the closure of the first Middle East and North Africa Infrastructure Investment Fund, which has seen $300 million subscription. Oasis is one of the main partners of the Fund in cooperation with Dubai International Capital, the international investment arm of Dubai Holding, and HSBC.

Al Nowais also announced the establishment of Waha Land as a new subsidiary of Oasis Leasing, which will specialize 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. 

In December, Oasis Leasing signed an agreement with eight banks to obtain a fully unsecured US$500 million corporate revolving facility with a three-year t