Muscat Insurance Company SAOG ($MCTI)

Good afternoon, everyone, and thank you for joining us today. My name is Sara, and I'm serving as a compliance officer as Muscat Insurance Company. It's a pleasure to welcome you all in today's investors call, and we truly appreciate your time and continued interest in our organization. I will now hand over to our acting CEO, Mr. Syed Hussaini and thereafter to the Deputy CFO, who will walk you through the report.

Yes. Good afternoon, everyone. I'm Syed Hussaini, acting CEO. And I would like to welcome you all to the investors meeting. We'll be sharing an overview of our activities and the key organizational updates. I will now hand over to our Deputy CFO, Ms. Aleena to present the financial performance and key updates. Aleena?

Once again, thank you all for joining us today in the MSX Discussion Session 2025 of Muscat Insurance Company SAOG. Myself, Aleena, I'm the Deputy CFO of Muscat Insurance Company, and I'm pleased to walk you through our 2025 financial performance, investment performance and key ratios followed by an open question-and-answer session. Let's start the discussion. Hope you can see the screen.

Yes Aleena.

Yes, it's clear.

So let's begin the discussion. Today's discussion mainly focus on the main following key areas. The agenda includes the financial highlights and performance, financial performance and position, investment details and the key ratios of the company, followed by question-and-answer sessions. This structure will give you a comprehensive overview of MIC's operational resilience and financial strength during 2025. Starting with financial highlights.

Aleena, I think, we're unable to hear you.

Can you hear me now?

Yes.

Okay. Sorry, I'll repeat once again. Starting with the financial highlights of MIC for the year 2025. Insurance 2025 is OMR 18.2 million compared to OMR 21 million in 2024, slightly lower compared to previous year, reflecting a disciplined underwriting [indiscernible]. The net insurance service results is OMR 97,000 in 2024 loss, has improved to OMR 735,000 in 2025, mainly driven by stronger risk selection and claims control. The net investment income has improved significantly to OMR 2.6 million compared to OMR 1.8 million in 2024, which is an outcome of the consistent portfolio optimization and the investment income derives mainly from market as well as our stable other investment opportunities. The profit and loss after tax rose mainly to OMR 1.17 million compared to OMR 368,000 in 2024, which is demonstrating the impact of our operational improvements as well as the sustained investment returns. These results highlight a solid turnaround of the company and improve the stability of MIC for the year 2025. Coming to financial performance. We can have a look on the detailed profit and loss performance of the company. Insurance revenue is OMR 18.2 million compared to OMR 21 million previous year. The net insurance service has improved from OMR 97,000 to OMR 735. The investment income has improved from OMR 1.8 million to OMR 2.6 million, reflecting both market performance as well as the strategic positioning. Insurance finance expenses has reduced slightly from OMR 224,000 to OMR 150,000. Our combined results, net insurance and investment results is OMR 1.7 million compared to OMR 661,000 previous year. The profit after tax has also improved from OMR 360,000 to OMR 1.17 million in current year. This improvement is mainly from the investment income as well as the operational improvements. Accordingly, the earnings per share also improved from OMR 0.033 to OMR 0.107 in the current year 2025. Now turning to the balance sheet, the financial position. The paid-up capital remains same compared to previous year. Our equity has increased from OMR 17.8 million to OMR 19.02 million mainly from higher profitability. The total liabilities has slightly increased from OMR 20 million to OMR 22 million, mainly from the reinsurance and reinsurance contract, which is in line with our portfolio. The total assets has also improved from OMR 38 million to OMR 41 million, which is a reflection of our improved profitability. The total investments has increased from OMR 27 million to OMR 33 million, which is consistent with our long-term investment strategy. Insurance contract assets and liabilities is in line with our portfolio and the net assets per share has improved from OMR 1.619 to OMR 1.726, marking continued value creation for shareholders. Coming to investment mix. As we have already mentioned, our total investments have improved from OMR 27 million to OMR 30 million, which constitutes 48% bank balances and fixed deposits. Investment properties constitute 26% equities is approximately 17% and remaining 10% is from bonds. Now coming to key ratios, which we have already mentioned and discussed in the previous slides, our net asset per share has...

You have gone mute again.

Sorry, we are discussing about the key ratios, which we have already discussed in the previous slide as well. The net asset per share have improved from OMR 1.61, which is consistent growth to OMR 1.726 compared to previous year. The earnings per share also have improved substantially from OMR 0.33 to OMR [ 1.107 ]. So this concludes our presentation for the financial performance highlights and investments for the year 2025. Now the floor is open for question-and-answer session.

We are happy to have any questions from any of the one attending here. We are happy to answer any questions. Please let us know if you have any questions or queries in this regard. I hope there are no questions from the people... So thank you, Mr. Hussaini, and thank you, Ms. Aleena, for the insightful updates. We appreciate everyone who joined us today and for the continued trust and support. Should you have any further questions, please feel free to reach out to our Investor Relations team. We look forward to seeing connected and updating you on our progress in the future. Thank you once again, and have a great day.

Thank you. Thank you all.

Thank you very much.