Oasis International Leasing has reported a sharp increase of 149 percent in net profit for the first half of this year, compared to the same period last year.

The company posted a profit of Dh60.99 million ($16.60 million) in the first half, compared to Dh24.46 million earned during the corresponding period in 2006.

Oasis Leasing announced total revenues of Dh212.45 million for the same period, an increase of 66 percent over revenues for the first half of last year.   Assets increased to Dh4.2 billion, up 23 per cent from end of 2006. Operating profit for the first half this year increased 359 per cent to Dh53.99 million compared to Dh11.77 million during the first half of 2006.

Oasis Leasing’s second quarter results showed a dramatic improvement in financial performance, recording a 186 per cent increase in net profit to Dh32.71 million from the Dh11.43 million posted for the period last year.  Revenues for the second quarter registered a 65 percent year-on-year increase to Dh112 million. Operating profit increased 389 percent to Dh30.3 million from the Dh6.2 million earned during the corresponding period last year. 

Oasis chairman Hussain Al Nowais said: “We are extremely pleased about our financial performance during the first half of the year.  Oasis has been showing consistent improvement in its performance in recent years, and we expect this positive trend to be sustained.”

Al Nowais said the continuing strong performance of the company is driven by contracts and leases entered into during 2006 as well as profit earned in the current year. –TradeArabia News Service