Dear Shareholders,
On behalf of the Board of Directors, I have great pleasure in welcoming you to the 32st Annual General Meeting of Al Anwar Investments SAOG (AAI). I take this opportunity to place before you the Annual Report on the activities and performance of your company for the financial year ended 31st March 2026.
Overview of the Group results
The Company reported a consolidated net profit of 
765,000 for year ended on 31st March 2026 as against a profit of 2,385,000 for the year ended on 31st March 2025, a decrease of 68%, primarily due to impairment loss of 1,750,000 and higher finance charges. The total comprehensive Income for the year ended on 31st March 2026 was 12,533,000 as against last year’s 1,657,000, an improvement of 657%, primarily as a result of fair value gains recorded on investments classified as Fair Value through Other Comprehensive Income (FVOCI)
Dividends
The company’s accumulated profits (retained earnings) as of 31st March 2026, are 4.4 million. The Board of Directors recommends a cash Dividend of 5% (Last year: 4%) and Stock Dividend of 3% (last year: 4%) for the approval of shareholders.
The audited consolidated financial statements presented includes the following:
The results of Subsidiary Companies for the year ended 31st December, 2025 of the following:
Al Anwar International Investment LLC, 100% subsidiary;
Al Anwar Taleem LLC, 100% subsidiary
Al Anwar Hospitality SAOC, 100% subsidiary; and
Al Anwar Industrial Investments SAOC, 100% subsidiary.
The share of profit/ (loss) of Associate Companies for the year ended 31st December, 2025 (Al Ruwad International Education Services SAOC up to 31st January 2026) in which AAI owns between 20% and 50% of share capital or has significant influence.
Dividends from investments classified at Fair Value.
Realized and unrealized gains / losses from investment classified at Fair Value.
Performance of Investments
Associates
Oman Chlorine SAOG (AAI Stake – 22.11%)
Oman Chlorine Group has reported revenue of 27,021,334 for the year ended 31st December 2025 as compared with 34,423,834 in the previous year, a decline of 22%. The net profit (Attributable to Parent Company Shareholders) for the period is 1,153,529 as compared to profit of 1,529,770 in the previous period, a decline of 25%.
National Detergent Co. SAOG (AAI Stake – 25.24%):
NDC reported revenues of 24,261,516 for the year ended 31st December 2025, compared to 24,519,448 in the previous year, a decline of 1%. The company reported a net profit of 423,125 as compared to 1,393,616 recorded in the previous year, a decline of 70% on account of higher overheads as compared to last year due to higher input cost and marketing expenses.
Arabia Falcon Insurance Company SAOG (AAI Stake – 22.62%):
AFIC recorded insurance revenue of 25,502,014 for the year ended 31st December 2025, compared to 21,761,637 in the previous year, an improvement of 17%. The net profit after tax rose to 2,276,757, from 1,585,328 of previous year, an improvement of 44%, primarily driven by improved technical results and investment income. The company’s performance remains well-aligned with overall market trends, reinforcing its position as a stable and growing insurer in the sector.
Voltamp Energy SAOG (AAI Stake – 15%):
VE reported revenues of 72,951,493 for the year ended 31st December 2025, compared to 41,552,772 in the previous year, an improvement of 76%. The company reported a net profit attributable to shareholders of the Parent Company of 12,191,941, significantly higher than 5,281,005 of previous year. This is mainly on account of strategic emphasis on expanding its portfolio with premium, value-driven products and boosting exports by entering new markets.
Al Ruwad International for Education Services SAOC (AAI Stake – 43.51%):
The Company has reported lower revenue and higher loss for the twelve months period ended on 31st January 2026 as compared to last year. This is primarily due to lower number of students enrolled in the school during academic year.
Al Maha Ceramics SAOG (AAI Stake – 18.74%):
AMC reported revenue of 6,970,251 for the year ended 31st December 2025, compared to 4,928,826 in the previous year — a growth of 41%. The net profit after tax for the year was 297,211, compared to a net loss of (1,464,824) in the corresponding period last year.
National Biscuits Industries Ltd. SAOG (AAI Stake – 29.22%):
NABIL reported revenue of 19,568,438 for the twelve months period ended on 31st December 2025 as against 19,459,000 of last year, an improvement of 2% from last year. The net profit for the period was 1,031,000 as against 993,000 for the same period of last year, an improvement of 4%. The growth in both revenue and profitability is attributed to the company’s expanded geographical coverage and successful launch of new products in the premium segment.
Other significant investments
National Bank of Oman SAOG (NBO)
In line with the Board approved strategy, Al Anwar has acquired an equity stake of 8.6% in NBO. The investment is classified at fair value. As of 31st December 2025, National Bank of Oman (NBO) reported a net profit of 70.2 million, an 11% increase from the previous year. Gross loans and advances increased to 4.33 billion, reflecting a growth of 5.8 per cent over last year. Customer deposits as of 31 December 2025 are at 4.01 billion, with a comfortable CASA mix.
Dhofar International Development and Investment Co SAOG (DIDIC)
AAI has an equity stake of 5.68% in DIDIC at carrying value of 8,849,286 as at 31st March 2026. The investment is classified at fair value. As of 31st December 2025, DIDIC reported a net profit (attributable to parent shareholders) of 18.3 million, reflecting a 121% increase from the previous year’s 8.3 million. This growth was primarily driven by improved performance in key associate companies and a reduction in unrealized losses on financial assets.
Omanisation
AAI has always been fully committed of recruiting and training Omani employees and developing and promoting the local talent. AAI Omanisation level at 31st March 2026 is 57%.
Outlook
In 2025, Standard & Poor’s upgraded Oman’s credit rating from “BBB-” to “BB+” with a stable outlook. This upgrade marks Oman’s return to investment-grade status after nearly seven years, reflecting significant improvements in public finances, fiscal discipline, and economic reforms.
AAI has maintained a prudent and active approach towards managing its investment portfolio. Our objective this year is to:
continue to support and pro-actively manage our investment companies and,
take advantage of investment opportunities available in the market
We are confident that AAI and its Group companies will continue to play a pivotal role in Oman’s economic growth, create job opportunities for Omani nationals, and attract foreign investments in the Sultanate of Oman.
Acknowledgement
On behalf of the Board of Directors, I would like to take this opportunity to express our greetings and good wishes to His Majesty Sultan Haitham bin Tarik, and pray to Allah to grant him and his government success to lead the country and the people to greater prosperity and progress.
The Board records its sincere appreciation to Ministry of Commerce and Industry and Investment Promotion, Financial Services Authority, Muscat Stock Exchange, Bankers, Auditors for their continued support.
I would also like to express my sincere appreciation to the Board of Directors of all our portfolio investment companies for direction given to the managements of the respective companies. I place on record my sincere thanks and appreciation for the dedicated efforts of the management team and all employees of our portfolio investment companies.
I would also like to convey my sincere thanks to the Shareholders of Al Anwar Investments SAOG for the confidence they have reposed in the company and its Board.
For & on behalf of the Board of Directors of
Al Anwar Investments SAOG
Brig. (Rtd.) Masoud Humaid Al Harthy
Chairman
