Oasis International Leasing's revenues rise 67% to Dh1oom

Abu Dhabi: Oasis International Leasing's net profit for the first quarter of 2007 has increased to Dh28.3 million, a 117 per cent increase over the Dh13.1 million earned in the same period last year.

The company said yesterday that its revenues for the three-month period increased 67 per cent over last year's figures to Dh100.4 million. Oasis's operating profit showed an increase of 326 per cent to Dh23.6 million for the same period compared to Dh5.5 million in 2006. The operating assets of the company also rose 13.8 per cent to Dh3.9 billion compared to 2006.

Oasis chairman Hussain Al Nowais said the results show that the company has become stronger over the year, and is positioned to achieve further growth.

New approach

Al Nowais said 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. It will also enable Oasis to tackle challenges in the local and international leasing industry."

Oasis Leasing recently announced its intention to restructure itself as Oasis Holdings PJSC, which will in turn create two private joint stock companies - one of them Oasis Leasing and the other Oasis Capital - as subsidiaries. This move is pending regulatory and shareholder approval.

The company's general assembly has been postponed to Wednesday. Shareholders will vote on transforming Oasis Leasing to a holding company and splitting its stock.