News

Decisions taken in the Annual Ordinary General Meeting

Dhofar Insurance Company SAOG wishes to announce that its Annual Ordinary General Meeting held on 26thMay 2016 resulted in the election of two board members to fill the vacant posts in the Company’s Board of Directors. They are:
1- Mr. John Robertson Wright - Independent
2- Mr. Mohamed Masoud Said Al Kharusi - Independent

...........................................................................................................................

Extra Ordinary General Meeting

Dhofar Insurance Company SAOG wishes to announce that the Extra Ordinary General Meeting that was scheduled to be held on 26th May 2016 was not held due to the lack of the required quorum.
..........................................................................................................................

PRELIMINARY SUMMARIZED UN-AUDITED RESULTS FOR THE THREE MONTHS ENDED 31ST MARCH 2016

Dhofar Insurance Company SAOG is pleased to disclose the preliminary summarized un-audited financial results for the three months ended 31st March 2016, as following:

Particulars

 

 

 

31st March 2016

31st March 2015

Change%

 

(R.O)

(R.O)

 

Gross Written Premium

17,671,457

18,509,388

(4.53)

Net Underwriting Results

1,862,988

1,792,708

3.92

Investment Income

(425,548)

210,561

(302.10)

Other Income

449,559

403,189

11.50

General and administration expenses

(2,247,417)

(2,262,854)

(0.68)

Depreciation

(139,107)

(96,626)

43.96

Finance costs

(62,356)

(36,663)

70.08

Income Tax

(928)

(9,184)

(89.90)

Net (Loss)/Profit for the period (after income tax)

(562,809)

1,131

(49,862.07)

Other comprehensive Income:

 

 

 

 Net changes in fair value of available for sale investments

(20,864)

(100,189)

(79.18)

Share of other comprehensive income of investments accounted for using the equity method

                 -  

(61,502)

(100.00)

Total comprehensive(Loss)/Income for the period

   (583,673.00)

(160,560)

263.52

Basic Earnings/Loss   per Share (EPS)

(0.003)  

     -  

(49,862.07)  

Net Asset Value per share (RO)

0.171

0.174

         (1.72)

The above preliminary results are unaudited and subject to approval by the board of directors.  The detailed results will be published once approved.
The Company in order to address the qualifications of external auditors in their report dated 03rd March 2016 has taken appropriate adjustments in the first quarter 2016.  Accordingly, impairment against investments in Syria in the amount of RO 1,039,081 has been taken into account.  Further, provision for incurred but not reported claims has been increased to RO 1,582,357 as of 31st March 2016 compared to RO 590,037 in the same period last year.

However, we are glad to mention that the net underwriting results has increased compared to the same period last year after adjustment of provision for incurred but not reported claims as mentioned above.

.............................................................................................................................................................

RESOLUTIONS PASSED IN ORDINARY ANNUAL GENERAL MEETING

Dhofar Insurance Company SAOG is pleased to announce that the new Board of Directors held on the first meeting Thursday 31st March 2016 in Salalah , and approved the following appointments :-

Chairman and Vice Chairman , Chairman Audit Committee  

1

Mr. Majid bin Sultan Al Toqi

Chairman

2

Mr. Tariq bin Abdul hafidh  Al Ujaili

Vice chairman

3

Mr. Tahir bin Salim Al Amry

Chairman Audit Committee

.............................................................................................................................................................

RESOLUTIONS PASSED IN ORDINARY ANNUAL GENERAL MEETING

The following resolutions were passed in the Ordinary Annual General Meeting held on Thursday , 31st March 2016 at 5.00 PM at Hamdan Plaza Hotel- Salalah :

1

Majority approved the Report of the Board of Directors for the financial year ended  31st   December 2015.

2

Majority approved the Corporate Governance Report for the financial year ended  31st December 15.

3

Majority approved the auditor’s  report and the audited Financial Statements  for the year ended  31 December 2015

4

Majority ratified the payment of sitting fees for the Board and Committees’ Meeting during the year 2015 and ratified the determination of the sitting fees for the financial year 2016.

5

Majority approved the related party transactions entered during the financial year ended  31 December 2015.

6

Approved the proposal to authorize the Board to set aside RO 100,000 to be paid to Corporate Social Responsibility during the financial year 2016

7

Majority Appointed KPMG as an external auditor for the financial year ending 31st  December 2016 and approved their fees.

8

 

The AGM elected 3 Board  members for the next term 2016 – 2019 , as following :-

 Sr.

Name

1

Mr. Majed bin Sultan Al Toki

2

Mr. Tariq bin Abdul hafidh Salim Al Ujaili

3

Mr . Tahir bin Salim Al Amry

..................................................................................................................................

INVITATION ANNUAL ORDINARY GENERAL MEETING

The Board of Directors of Dhofar Insurance Company SAOG is pleased to invite all shareholders of the Company to attend the Annual Ordinary General Meeting of the company to be held at 5.00 P.M on Thursday, 31st. March 2016 at Hamdan Plaza in Salalah to discuss the following agenda:

1- To consider and approve the report of the Board of Directors for the financial year ended 31 December,
2015

2- To consider and approve the Corporate Governance Report for the financial year ended 31 December,
2015

3-To consider the Auditors’ Report and to approve Company’s Financial statements, Statement of Financial Position and Statement Comprehensive Income for the financial year ended 31 December, 2015.
4- To approve the sitting fees paid to the Board of Directors for attending both the board meetings and the subsidiary committees for the previous financial year and also to approve the proposed sitting fees for the forthcoming financial year (as per attached).

5- To consider and approve the transactions entered into by the Company with related parties during the financial year ended 31 December, 2015 (as per the attached).

6- To consider and approve the proposal to allocate RO. 100,000 for Corporate Social Responsibility(CSR) during the financial year ending on 31 December, 2016.

7-To appoint auditors for the financial year ending on 31/12/2016 and approve their remuneration

8- To elect new members to the company’s Board of Directors. ( shareholders and Non-shareholders )

Any person wishing to nominate himself to the Board of Directors may fill up the Nomination Form prepared for this purpose and submit it to the Company two working days prior to the Annual General Meeting, not later than Monday March 28, 2016. Any Nomination Form submitted after this deadline will not be accepted. . If the candidate is a shareholder, the candidate is required in accordance with the Company’s articles of association to own 40,000 shares of the company’s shares at the Annual General Meeting date.

In accordance with the company's Articles of Association, every shareholder has the right to appoint any other person as proxy to attend the meeting and vote on his behalf by authorizing such person in writing on the proxy card attached with the invitation. Natural person should attach to the proxy form copy of his ID in respect of adults and copy of passport for women and minors who have no Ids and a civil card or passport copy for the non-Omani juristic person, the proxy form shall be signed by one of the authorized signatories and sealed by the Company's stamp accompanied with copy of the commercial registration certificate and the specimen signature form.

Please be present at the meeting venue at least 30 minutes before the fixed time.

For further information, please contact Mr. Younis Bin Salim Al Salti , on phone No (968) 24705305 ( Ext. 124 )
Note: The Company’s has deposited the unclaimed dividend warrants in the Investors’ Trust Fund account with CMA within a period of 6 months from its due date. Shareholders are advised to refer to Muscat Depository Company to enquire about any amounts due to them.

Chairman............................. Auditors.......................... Legal Advisor .............................

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PRELIMINARY SUMMARIZED UN-AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DEC. 2015

Description

2015
( Audited )

2014
(Audited )

Change%

Gross Premium Written

65,452,032

64,097,965

2

Net Underwriting results

7,138,427

9,341,473

(24)

Investment income (net)

764,974

1,606,846

(52)

Other income

1,686,213

1,740,091

(3)

General & administration expenses

(8,636,196)

(8,464,515)

2

Depreciation

(491,520)

(259,725)

89

Finance costs

(183,657)

(119,599)

54

Profit for the year

35,770

3,309,224

(99)

Other comprehensive Income:

 

 

 

Items that are or maybe reclassified to profit or loss

 

 

 

 Net changes in fair value of available-for sale investments transferred to comprehensive income

284,700

(2,585)

 

Changes in fair value of available-for sale investments

(448,528)

(176,807)

 

Foreign exchange revaluation reserve in investment in equity accounted investee

(70,825)

(191,424)

 

Items that will never be reclassified to profit or loss

 

 

 

Total comprehensive income for the period

 

 

 

Share of other comprehensive income of investments accounted for using the equity method

(121,893)

(47,226)

 

Other comprehensive loss for the year

(356,546)

(418,042)

 

Total comprehensive (loss) income for the year

(320,776)

2,891,182

 

Basic earnings   per Share

--

0.017

 

...............................................................................................................

PRELIMINARY SUMMARIZED UN-AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DEC. 2015

Description

2015
( Unaudited )

2014
(Audited )

Change%

Gross Premium Written

65,452,032

64,097,965

2.11

Net Underwriting results

7,638,427

9,341,473

(18.23)

Investment income (net)

2,964,974

1,606,846

84.52

Other income

1,686,213

1,740,091

(3.10)

General & administration expenses

(8,636,196)

(8,464,515)

2.03

Depreciation

(491,520)

(259,725)

89.25

Finance costs

(183,657)

(119,599)

53.56

Net Profit for the period ( after income  tax)

2,411,770

3,309,224

(27.12)

The above preliminary results are subject to the approval by the Audit Committee and Board of Directors

..................................................................................................................................

UNAUDITED RESULTS FOR THE NINE MONTHS ENDED ON 30 SEPTEMBER 2015 .

Description

Third Quarter 2015
( Unaudited )

 Third Quarter 2014 
( Unaudited )

Gross Premium Written

53,547,601

51,739,519

Net Underwriting results

3,928,842

6,712,763

Investment income (net)

2,684,680

1,271,349

Other income

1,304,066

1,198,322

General & administration expenses

(6,526,340)

(6,310,997)

Depreciation

(350,440)

(187,094)

Operation Profit

1,040,808

2,684,343

Finance costs

(123,786)

(91,478)

Income tax expense

(91,857)

(285,447)

Profit for the period after tax

825,165

2,307,418

..................................................................................................................................

Financial Results - The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Monday 13/07/2015 in Salalah Branch has approved the financial statements (Unaudited) for the Second Quarter ended 30th June 2015 ( from 1/1/2015 to 30/6/2015) in which the following results has been shown : -



Untitled Document

Description

June 2015

 June 2014

Change
%

Gross Premium Written

40,081,138

39,336,223

2%

Net Underwriting results

3,590,018

5,213,475

(31)%

Investment income (net)

273,997

685,767

(60)%

Other income

828,543

779,057

6%

General & administration expenses

(4,323,452)

(4,142,928)

4%

Depreciation

(222,427)

(116,917)

90%

Operating Profit

146,679

2,418,454

(94)%

Finance costs

(68,057)

(46,147)

47%

Profit Before Taxation

78,622

2,372,307

(97)%

Income tax expenses

(7,412)

(284,015)

(97)%

( LOSS ) Profit for the period after tax

71,210

2,088,292

(97)%

................................................................................................................................................................

Financial Results - The Board of Directors of Dhofar Insurance Co. S.A.O.G approved during the meeting held on Wednesday 29/04/2015 in the Company's Head office ( Muscat ) the unaudited financial statements for the First Quarter of the year 2015 ( the period from 1/1/2015 to 31/3/2015)

Details

31st.March 2015

31st.March 2014

Change
%

Gross Premium Written

18,509,388

18,388,812

1

Net Underwriting results

1,792,708

3,298,613

(46)

Investment income (net)

210,561

405,162

(48)

Other income

403,189

372,481

8

General & administration expenses

(2,262,854)

(2,118,614)

7

Depreciation

(96,626)

(53,003)

82

Operating Profit

46,978

1,904,639

(98)

Finance costs

(36,663)

(34,212)

7

Profit Before Taxation

10,315

1,870,427

(99)

Income tax expenses

(9,184)

(210,152)

(96)

Net Profit .

1,131

1,660,275

(100)

..............................................................................................................................................

Initial (Un Audited) financial results for Q1 of 2015

 

31 Mar. 2015

31 Mar. 2014

% Change

Gross premium written

18,509,388

18,388,812

0.66

Net Underwriting result

1,792,708

3,298,613

( 45.65 )

Investment Income (net)

210,561

405,162

( 48.03 )

Other Income

403,189

372,481

8.24

General and administration expenses

(2,262,854)

(2,118,614)

6.81

Depreciation

(96,626)

(53,003)

82.30

Finance costs

(36,663)

(34,212)

7.16

Profit for the period (after income)

1,131

1,660,275

( 99.93 )

Basic earnings per Share

0,174

0,0,194

( 10.31 )

Notes :
These results are subject to approval of the Audit Committee and the Board of Directors .

............................................................................

Board of Directors Decision ( 16.2.2015 )

- Approved the audited financial statement for the year ended 31/12/2014
- Invite the Shareholders to attend the AGM ( Annual Ordinary General Meeting ) to be held on 17/3/2015
- Consider the proposed to distribute dividends to Shareholders at the rate of 10% of the capital pending approval of the concerned parties .
 

............................................................................

FINANCIAL RESULTS ( ( from 1/1/2014 to 31/12/2014))

The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Wednesday 14/01/2015 in Salalah Branch has approved the financial statements (Unaudited) for the year ended 31st Dec. 2014 ( from 1/1/2014 to 31/12/2014) in which the following results has been shown : -  

FINANCIAL RESULTS ( ( from 1/1/2014 to 31/12/2014))

The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Wednesday 14/01/2015 in Salalah Branch has approved the financial statements (Unaudited) for the year ended 31st Dec. 2014 ( from 1/1/2014 to 31/12/2014) in which the following results has been shown : -  

Description

Dec 2014
( Unaudited )

 Dec 2013
(Audited )

Gross Premium Written

64,097,965

62,441,504

Net Underwriting results

9,341,473

7,994,374

Investment income (net)

1,606,846

2,520,115

Other income

1,740,091

1,330,533

General & administration expenses

(8,464,515)

(6,414,214)

Depreciation

(259,725)

(188,426)

Finance costs

(119,599)

(131,421)

( LOSS ) Profit for the period after tax

3,309,224

4,644,913

..............................................................................................................................................................


  • 22.12.2014
    Dhofar Insurance Company announces its desire to appoint a number of Omani cadres have male and female university degrees and diplomas campaign, The one who finds himself so desire Please send your CV to the following address hr@dhofarinsurance.com
  • .............................................................................................................................................................

    PRELIMINARY SUMMARIZED UN-AUDITED RESULTS FOR THE NINE MONTHS PERIOD ENDED 30.09.2014

    PRELIMINARY SUMMARIZED UN-AUDITED RESULTS FOR THE NINE
    MONTHS PERIOD ENDED 30.09.2014

    Dhofar Insurance Company SAOG is pleased to disclose the preliminary summarized un-audited financial results for the nine months period ended 30th September 2014, as following:

    Particulars

    30th September 2014

    30th September 2013

    Change%

    (R.O)

    (R.O)

    Gross Written Premium

    51,739,519

    49,352,500

    4.84

    Net Underwriting Results

    6,712,763

    5,092,238

    31.82

    Investment Income

    1,271,349

    1,783,592

    (28.72)

    Other Income

    1,198,322

    893,879

    34.06

    General and administration expenses

    (6,310,997)

    (4,903,686)

    28.70

    Depreciation

    (187,094)

    (140,851)

    32.83

    Finance costs

    (91,478)

    (102,052)

    (10.36)

    Net Profit for the period (after income tax)

    2,307,418

    2,417,413

    (4.55)

    Other comprehensive Income:

    Net change in fair value of available-for-sale investments transferred

    (2,585)

    -

    -

    Net changes in fair value of available-for sale investments

    5,581

    654,278

    (99.15)

    Share of other comprehensive income of investments accounted for using the equity method

    (47,226)

    20,238

    (333.35)

    Total comprehensive income for the period

    2,263,188

    3,091,929

    (26.80)

    Basic Earnings per Share (EPS)

    0.012

    0.012

    -

    Net Asset Value per share

    0.182

    0.178

    2.25

    The above preliminary results are subject to the approval by the Audit Committee
    and Board of Directors.

    .................................................................................................................................................................................................

    The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Wednesday 23/04/2014 in H.O ( Muscat ) has approved the financial statements (Unaudited) for the First Quarter 2014 ( from 1/1/2014 to 31/03/2014) in which the following results has been shown : -

    Description

    Third Quarter 2014
    ( Unaudited )

     Third Quarter 2013 
    ( Unaudited )

    Gross Premium Written

    18,388,812

    16,261,048

    Net Underwriting results

    3,298,613

    2,373,778

    Investment income (net)

    405,162

    797,808

    Other income

    372,481

    275,419

    General & administration expenses

    (2,118,617)

    (1,639,614)

    Depreciation

    (53,003)

    (42,082)

    Operation Profit

    1,904,639

    1,765,309

    Finance costs

    (34,212)

    (37,708)

    Income tax expense

    (210,152)

    (144,415)

    Profit for the period after tax

    1,660,275

    1,583,186

    .................................................................................................................................................................................................

    AGM Resolutions


    The Annual Ordinary General Meeting of Dhofar Insurance Company SAOG was held at
    4.00 P.M on Wednesday, 26th March 2016 at Hamdan Plaza Hotel in Salalah .

    The following was approved during the meeting :

    1- Approved the Directors' report for the financial year ended December 31, 2013

    2- Approved the Corporate Governance Report for the Company for the financial year ended December 31, 2013

    3- Approved the Auditors’ report and the Financial Statements (Balance Sheet and Profit & Loss Account) of the Company for the financial year ended December 31, 2013.

    4- Approved distribution of cash dividend to registered Shareholders by 15% on the basis of 15 Baisa per share .

    5- Approved the allowance paid to the Board of Directors for attending both the board meetings and the subsidiary committees for the financial year ended December 31, 2013 and for the forthcoming financial year 2014 ( as per the attached ) .

    6- Approved the remunerations paid to the board members for the year ending 31 December 2013.

    7- Approved the transactions entered into by the Company with related parties during the financial year ended December 31, 2013.

    8- Appointed K.P.M.G. as auditors for the Company for the year ending 31 December 2014 and fixed their remuneration.

    9- Elected Mr. Kamil bin Abdul Alim Musthail Rakhyoot member in the Board of Directors

    .................................................................................................................................................................................................

    Silver jubilee celebration ( Dhofar's 25th. Anniversary of Dhofar Insurance Company SAOG )

    A Silver jubilee celebration was held on Friday 21/2/2014 at Bustan Palace Hotel to mark Dhofar's 25th. Anniversary of Dhofar Insurance Company SAOG under the kind patronage of HE. Abdul Aziz Al Rawas – Advisor to His Majesty for Cultural Affairs . The celebration was attended by several dignitaries , Shaikhs , founders of the company and the board members in addition to the esteemed guests and re-insurers.

    Some employees of the company were awarded in appreciation for their long service in the company , exceeding 25 five years .
    It was also announced during the celebration that Mr. Rawny Al Sayed Khadr has been promoted to the post of General Manager of the company .


    Silver jubilee celebration ( Dhofar's 25th. Anniversary of Dhofar Insurance Company SAOG )
     

    Interviews Dhofar Insurance Company ( 25th. Anniversary )

     
     

    .................................................................................................................................................................................................

    Financial Results ( from 1/1/2013 to 31/12/2013 )

    The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Tuesday 28/01/2014 in Salalah Branch has approved the financial statements  (Unaudited) for the year 2013 ( from 1/1/2013 to 31/12/2013)  in which the following results has been shown : - 

    Description

    December 2013
    ( Unaudited )

     December 2012
    (Audited )

    Gross Premium Written

    62,441,504

    54,290,362

    Net Underwriting results

    7,994,374

    7,393,722

    Investment income (net)

    2,520,115

    2,983,764

    Other income

    1,330,533

    1,517,400

    General & administration expenses

    (6,414,214)

    (5,082,924)

    Depreciation

    (188,426)

    (180,893)

    Operation ( loss ) Profit

    5,242,382

    6,631,069

    Finance costs

    (131,421)

    (154,198)

    Income tax expense

    (466,048)

    (625,875)

    Profit for the period after tax

    4,644,913

    5,850,996

    .................................................................................................................................................................................................

    Financial Results ( from 1/1/2013 to 30/09/2013 )


    The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Sunday 27/10/2013 in Salalah Branch has approved the financial statements (Unaudited) for the Third Quarter 2013 ( from 1/1/2013 to 30/09/2013) in which the following results has been shown : -

    Description

    Third Quarter 2013
    ( Unaudited )

     Third Quarter 2013 
    ( Unaudited )

    Gross Premium Written

    49,352,500

    42,646,249

    Net Underwriting results

    5,092,238

    3,599,383

    Investment income (net)

    1,783,592

    1,486,630

    Other income

    893,879

    1,169,619

    General & administration expenses

    (4,903,686)

    (3,788,588)

    Depreciation

    (140,851)

    (134,649)

    Operation Profit

    2,725,172

    2,332,395

    Finance costs

    (102,052)

    (118,541)

    Income tax expense

    (205,707)

    (42,917)

    Profit for the period after tax

    2,417,413

    2,170,937

     



    .................................................................................................................................................................................................

    Extra Ordinary General Meeting of Dhofar Insurance Company S A O G

    The Extra Ordinary General Meeting of Dhofar Insurance Company S A O G agreed during its meeting on Friday 30 August 2013 to amend some articles of the Company's Articles of Association sent to shareholders along with the invitation.

    .................................................................................................................................................................................................

    Financial Results ( from 1/1/2013 to 30/06/2013)

    The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Sunday 28/07/2013 in Salalah Branch has approved the financial statements  (Unaudited) for the Second Quarter 2013 ( from 1/1/2013 to 30/06/2013)  in which the following results has been shown : - 

    Description

    June 2013
    ( Unaudited )

     June 2012
    (Unaudited )

    Gross Premium Written

    36,757,408

    31,471,120

    Net Underwriting results

    3,544,515

    2,656,339

    Investment income (net)

    1,111,381

    1,045,187

    Other income

    579,318

    919,862

    General & administration expenses

    (2,843,592)

    (2,447,479)

    Depreciation

    (90,462)

    (85,305)

    Operation ( loss ) Profit

    2,301,160

    2,088,604

    Finance costs

    (69,501)

    (80,873)

    Income tax expense

    (202,658)

    (32,088)

    ( LOSS ) Profit for the period after tax

    2,029,001

    1,975,643

    Financial Results 22/04/2013


    The Board of Directors of Dhofar Insurance Co. S.A.O.G in the a meeting held on Monday 22/04/2013 in Main Branch ( Muscat ) has approved the financial statements  (Unaudited) for the First Quarter 2013 ( from 1/1/2013 to 31/03/2013)  in which the following results has been shown : - 

     

    Description First Quarter 2013

    ( Unaudited )
     First Quarter 2012

    (Unaudited )
    Gross Premium Written 16,261,048 14,519,724
    Net Underwriting results 2,373,778 1,855,971
    Investment income (net) 797,808 575,882
    Other income 275,419 576,938
    General & administration expenses (1,639,614) (1,464,345)
    Depreciation (42,082) (40,144)
    Operation ( loss ) Profit 1,765,309 1,524,302
    Finance costs (37,708) (44,169)
    Income tax expense (144,415) (26,986)
    ( LOSS ) Profit for the period after tax 1,583,186 1,453,147

    .................................................................................................................................................................................................

    Board of Directors Resolution
    The Board of Directors of Dhofar Insurance Company SAOG elected during the Annual Ordinary General Meeting held on 28/3/2013 at Hamdan Plaza in Salalh as members in the Board of Directors for a period of 3 years composing of the following :

    1- Shaikh / Qais bin Mustahil bin Ahmed Al Mashani

    2- HE. Abdul Alim bin Mustahil Naseeb Rakhyoot

    3- Shaikh/ Abdul Salam bin Mohamed bin Abdula Aziz Al Rawas

    4- Mr.Taher bin Taleb Al Heraki

    5- Mr. Omar bin Ahmed bin Abdullah Al-Sheikh

    Met on 28/3/2013 and resolved the following :

    1- Appointment of Shaikh / Qais bin Mustahil bin Ahmed Al Mashani as Chairman of the Board of Directors.

    2- Appointment of HE. Abdul Alim bin Mustahil Naseeb Rakhyoot as Vice Chairman of the Board of Directors .

    3- Appointment of Mr.Taher bin Taleb Al Heraki as a Managing Director.

    Annual Ordinary General Meeting 28th. March 2013
    Dhofar Insurance Company SAOG held its Annual Ordinary General Meeting on Thursday 28/3/2013 in Salalah and the following were approved during the meeting :

    1- Approved unanimously the report of the Board of Directors for the company for the financial year ended December 31, 2012.

    2- Approved the Corporate Governance Report for the Company for the financial year ended December 31, 2012.

    3- Approve the Financial Statements (Balance Sheet and Profit & Loss Account) for the financial year ended December 31, 2012.

    4- Approved unanimously the proposed distribution of cash dividend to shareholders by 5% of the
    capital on the basis of 5 Baisa per share for the financial year ended December 31, 2012..

    5- Approved unanimously the paid allowance to the Board of Directors for attending both the board meetings and the subsidiary committees for the previous financial year and for the forthcoming financial year .

    6- Approved the proposed remuneration for members of the board of directors for the financial yearended December 31, 2012.

    7- Approved unanimously the transactions entered into by the Company with related parties during the financial year ended December 31, 2012.

    8- Approved unanimously appointment of Price Waters House Coopers as auditors of the company forfinancial year ending on 31/12/2013 and fixed their remuneration.

    9- Elected the following as members in the new Board of Directors :

    - Shaikh / Qais bin Mustahil bin Ahmed Al Mashani
    - HE. Abdul Alim bin Mustahil Naseeb Rakhyoot
    - Shaikh/ Abdul Salam bin Mohamed bin Abdula Aziz Al Rawas
    - Mr.Taher bin Taleb Al Heraki
    - Mr. Omar bin Ahmed bin Abdullah Al-Sheikh .

  • MARCH 2013

    The Extra Ordinary Meeting of  Dhofar Insurance Company held on Saturday 23 March 2013 agreed to amend article 30/2 of the Articles of Association of the company ,and as such the Board of Directors shall be composed of (5) members instead of (12) members effective from the date of the Annual Ordinary General Meeting to be held on Thursday 28 March 2013  to elect new members of the Board of Directors 

  • DECEMBER 2012
    We would like to present the Unaudited Financial Statement for Un-Audited Result 2012- Click to download