Oasis Leasing reports 149 per cent jump in half-year profit

Oasis Leasing announced total revenues of AED 212.45 million for the same period, an increase of 66 percent over revenues for the first half of last year. Assets increased to AED 4.2 billion, up 23 percent from end of 2006. Operating profit for the first half this year increased 359 per cent to AED 53.99 million compared to AED 11.77 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 AED 32.71 million from the AED 11.43 million posted for the period last year. Revenues for the second quarter registered a 65 percent year-on-year increase to AED 112 million. Operating profit increased 389 percent to AED 30.3 million from the AED 6.2 million earned during the corresponding period last year.

Commenting on the remarkable performance of the company, Oasis Chairman, H.E. 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.

He commended the management and employees of Oasis Leasing for their commitment to the company and its plans for the future.

Al Nowais also reiterated that 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." He also expressed confidence that this outstanding performance will continue in different investment sectors of the company.

Meanwhile, Oasis Leasing's Board of Directors notified ADSM today on their acceptance of the resignations of Saeed Al Hajri and John McBeth as board members and the appointment of Abu Baker Khoory and Saif Mohammed Al Hajri as new members of the board. Al Nowais expressed his thanks and appreciation to Al Hajri and Macbeth for their contributions during their tenures with Oasis.