Q2 2026 Muscat Finance SAOG Earnings Call

August 20, 2026

[Company Representative] (Muscat Finance): يطيب لي أن أرحب بكم جميعًا في الحلقة النقاشية حول النتائج المالية غير المدققة لمسقط للتمويل لفترة الستة أشهر المنتهية في 30 يونيو 2026. كما أود أن أشكركم وأعبر عن تقديري لحضوركم معنا اليوم، وأنا أتطلع إلى مناقشة مثمرة من خلال أسئلتكم واستفساراتكم القيّمة حول النتائج والأداء المالي للشركة خلال هذه الفترة. قبل أن نبدأ الجلسة، أود أن أعرّف بزملائي التنفيذيين الحاضرين معنا اليوم: الفاضل رشاد بن جعفر الشيخ، الرئيس التنفيذي، والفاضل تمار حسن زيدي، رئيس المالية والحسابات. شكرًا لكم مرة أخرى على حضوركم ومشاركتكم معنا. Ladies and gentlemen, I extend a warm welcome to all of you to the MSX discussion session focused on the unaudited financial results of the company for the six months period ended 30th June 2026.

Speaker #1: And playfully, I'll welcome you all to the discussion about the financial results—non-redundant—for the funding for six months, ending on June 30, 2026.

Speaker #1: I want to thank you and express my appreciation for your presence with us today, and to look at the discussion thoroughly through questions and comments, please.

Speaker #1: About the results and financial performance of the company over this period. Before we begin, I want to introduce my colleagues, the executives present with us today: Fazil Rashad bin Jafar Al-Sheikh, Director of Execution, and Fazil Tamar Hasanzeedi, Director of Finance and Accounts.

Speaker #1: Thank you once again for your presence and participation with us. Ladies and gentlemen, I extend a warm welcome to all of you to the MSX discussion.

[Company Representative] (Muscat Finance): [Foreign language]. Ladies and gentlemen, I extend a warm welcome to all of you to the Muscat discussion session focused on the unaudited financial results of the company for the six months period ended 30 June 2026.

Speaker #1: This session is focused on the company's unedited financial results for the 6-month period ending June 30, 2026. We sincerely appreciate your presence with us today and look forward to productive and constructive discussions through your valuable questions and inquiries regarding the company's financial performance during the period.

[Company Representative] (Muscat Finance): We sincerely appreciate your presence with us today and look forward to a productive and constructive discussion through your valuable questions and inquiries regarding the company's financial performance during the period. Before we begin, allow me to introduce my executive colleagues joining us today: Mr. Rashad Al Shaikh, Chief Executive Officer, and Mr. Tamer Hassan Al Zadjali, Head of Finance and Accounts. Thank you once again for joining us. We are excited to start this informative and interactive session. I will now hand over the floor to Mr. Tamer to begin the presentation. Thank you once again for joining us. The floor is yours, Mr. Tamer. You can start.

Speaker #1: Before we begin, allow me to introduce my executive colleagues joining us today: Mr. Rashad Al-Sheikh, Chief Executive Officer; and Mr. Tamar Hasanzeedi, Head of Finance and Accounts.

Speaker #1: Thank you once again for joining us. We are excited to start this informative and interactive session. I will now hand over the floor to Mr. Tamar to begin the presentation, and thank you once again for joining us.

Speaker #1: And the floor is yours, Mr. Tamar. You can start.

Speaker #2: Thank you, Linus. Good evening. Good evening to everyone, and I would like to thank everyone for joining this particular session. The financial statements for the performance of the company for the 6-month period ending 30 June 2026.

Tamer Hassan Al Zadjali: Thank you, Lamis. Good evening to everyone. I would like to thank everyone for joining this particular session. The financial statements performance of the company for the 6 months period ended 30 June 2026. In this presentation, we will broadly be discussing about the branch network, our workforce, and other areas along with the snapshot performance for the H1 2026. We will also discuss about the overall financial performance of the company till 30 June 2026 as in relation to H1 2025. We will also be presenting the way forward of the company. Let's begin the presentation with the disclaimer. This presentation contains statements relating to Muscat Finance business, financial condition and results of the operations from published information.

Tamer Hassan Al Zadjali: Thank you, Lamis. Good evening to everyone. I would like to thank everyone for joining this particular session. The financial statements performance of the company for the six months period ended 30 June 2026. In this presentation, we will broadly be discussing about the branch network, our workforce, and other areas along with the snapshot performance for the H1 2026. We will also discuss about the overall financial performance of the company till 30 June 2026 as in relation to H1 2025. We will also be presenting the way forward of the company. Let's begin the presentation with the disclaimer. This presentation contains statements relating to Muscat Finance business, financial condition and results of the operations from published information.

Speaker #2: In this presentation, we will broadly be discussing the branch network, our workforce, and other areas, along with a snapshot of performance for H1 2026.

Speaker #2: We will also discuss the overall financial performance of the company up to 30 June 2026, as it relates to H1 2025. We will also be presenting to you the way forward for the company.

Speaker #2: So let's begin the presentation with the disclaimer. This presentation contains statements related to Muscat Finance's business, financial condition, and results of operations, based on published information.

Speaker #2: Any statement or comment which has a meaningful prospectus and is forward-looking is only a prediction and is not a guarantee of future performance. Such statements do not constitute any solicitation to buy or sell any products, services, stocks, or to engage in any trading strategy, and should not be relied upon or considered as advice for making any investment decision.

Tamer Hassan Al Zadjali: Any statement or comment which has a meaning of prospectus and overlooking are only predictions and are not a guarantee of the future performance and does not constitute any solicitation to buy or sell any products, service, stocks, or to engage in any trading strategies and should not be relied upon or considered as advice for making any investment decision. As due caution must be exercised that any such forward-looking statement or comments are and will be subject to both known and unknown risks, uncertainties, and factors relating to the operations and business environment of the company that may cause the actual results of the company to be materially different from the future results expressed or implied in such forward-looking statements. This presentation and discussion are for information purpose only.

Speaker #2: As due for, it must be exercised that any such forward-looking statement or comments are and will be subject to both known and unknown risks, uncertainties, and factors relating to the operations and business environment of the company that may cause the actual results of the company to be materially different from the future results expressed or implied in such forward-looking statements.

Speaker #2: This presentation and discussion are for information purposes only. Any recipient of this presentation and discussion material must not communicate, reproduce, distribute, or disclose through any media, or refer to them publicly or privately, in whole or in part, at any time, without written consent of the company.

Tamer Hassan Al Zadjali: Any recipient of this presentation and discussion media must not communicate, reproduce, distribute, or disclose through media or refer to the public or privately in whole or in part any time without written consent of the company. Basically, Muscat Finance is the first NBFC in Oman to launch a corporate lease scheme. The company was registered in the year 1987. The company was listed on the stock exchange in the year 1995. We are currently operating from 6 branches which are located in different Wilayat of Oman like Sohar, Barka, Salalah, Nizwa and Ibri other than the head office branch. We have approximately 134 paid staff employees with 90%+ of Omanization with 44% of the female staff.

Tamer Hassan Al Zadjali: Any recipient of this presentation and discussion media must not communicate, reproduce, distribute, or disclose through media or refer to the public or privately in whole or in part any time without written consent of the company. Basically, Muscat Finance is the first NBFC in Oman to launch a corporate lease scheme. The company was registered in the year 1987. The company was listed on the stock exchange in the year 1995. We are currently operating from six branches which are located in different Wilayat of Oman like Sohar, Barka, Salalah, Nizwa and Ibri other than the head office branch. We have approximately 134 paid staff employees with 90%+ of Omanization with 44% of the female staff.

Speaker #2: So basically, Muscat Finance is the first NBFC lease scheme, and the company was registered in the year 1987. The company was listed on the stock exchange in 1995.

Speaker #2: We are currently operating from six branches, which are located in different wilayahs of Oman, such as Som, Sohar, Barqa, Salalah, Nizwa, and Ibri, in addition to the head office branch.

Speaker #2: We have approximately 124 HVAC employees, with over 90% of the organization, and 44% of the staff are female. We have 24.7% fully automated kiosks, which is the first in the FLC sector. This is accompanied by our drive-through service, which is also being introduced for the first time in the FLC sector.

Tamer Hassan Al Zadjali: We have 24/7 of the automated kiosk, which is first in the FLC sector, which is accompanied by the drive-thru service, which is also for the first time in the FLC sector. During H1 2026, the market share of Muscat Finance at a gross loan is approximately 10%. The other area we would like to highlight is that the gross income has increased approximately 18% on a year-on-year basis. The net interest income has also increased by 23%. The increase in the operating profit more or less to be 57%, with an increase in the gross loan by 11% on a year-on-year basis. We follow the highest level of corporate governance standards. The major investors are the Omani, which constitutes approximately 97%.

Speaker #2: During H1 2026, the market share of Muscat Finance at a gross volume is approximately 10%. The other areas I would like to highlight are that the gross income has increased approximately 18% on a year-on-year basis, and the net interest income has also increased by 23%.

Speaker #2: The increase in operating profit was to be 57%, with an increase in gross volume of 11% on a year-on-year basis. We follow the highest level of profit-governing standards.

Speaker #2: The major investors are the Omanis, which constitute approximately 97%. Coming to the snapshot of H1 2026, as in relation to H1 2025, the net loans and advances of the company were reported to be at 107 million, as compared to 97.52 million in H1 2020, which is approximately an increase of 10%.

Tamer Hassan Al Zadjali: Coming to the snapshot of H1 2026 as in relation to H1 2025, the net loan and advances of the company was reported to be at OMR 107 million as in relation to OMR 97.52 million in H1 2025, which is approximately an increase by 10%. Our product includes vehicle financing, equipment financing, working capital, and home plan loans. The corporate deposits have also increased by 32% as in relation to H1 2025, where it used to stand at OMR 25.8 million, and as at H1 2026, it is reported to be at OMR 37.9 million. We have a strong security base, which is approximately OMR 39 billion. Our leverage ratio remains to be within the regulatory limit, which provides us ample space to grow the loan book. Our gross income has increased to OMR 6.6 million, again from OMR 5.6 million. The net interest income has increased from OMR 3.2 million to OMR 3.9 million.

Speaker #2: Our product includes vehicle financing, equipment financing, working capital, and home plan loans. The corporate deposits have also increased by 32% in relation to H1 2025, when they stood at 25.8 million, and as at H1 2026, they are reported to be at 37.9 million.

Speaker #2: We have a strong equity base, which is approximately $39 million. Our leverage ratio remains within the regulatory limit, which provides us ample space to grow the loan book. Our gross income has increased to $6.6 million from $5.6 million. The net interest income has increased from $3.2 million to $3.9 million. The net profit before tax for H1 2026 is $550,000, as compared to $520,000 in H1 2025.

Tamer Hassan Al Zadjali: The net profit before tax for H1 2026 is OMR 550,000 as compared to OMR 520,000 in H1 2025. The provision coverage is approximately 82%, including the impairment reserve as at June 2026, and the overall NPA coverage is approximately 78% as in H1 2026. The overall financial performance for the six months period, and here is basically a dashboard which basically provides an overall snapshot of the performances. If you look at the net loan and advances, which has grown by OMR 9.8 million on an absolute level, which represents 10%, the other assets has also grown by 78%, which is strongly comprising of the investments. The total asset base has increased by approximately 12%. In the similar fashion that if you look at the income statement, the operating income has increased by approximately 18% from OMR 5.6 million to OMR 6.6 million.

Speaker #2: The provision coverage is approximately 82%, including the payment reserve as of June 2026. The overall NPA coverage is approximately 78% as in H1 2026.

Speaker #2: The overall financial performance for the 6-month period ahead is basically a dashboard which provides our overall snapshot of the performances. If you look at the net loans and advances, which have grown by 9.8 million—on an absolute level, which represents 10%—the other assets have also grown by 78%, which is primarily comprised of investments. The total asset base has increased by approximately 12%.

Speaker #2: In a similar fashion, if you look at the income statement, the operating income has increased by approximately 18%, from 5.6 million to 6.6 million.

Speaker #2: The overall expenses have been maintained and controlled by the company, which have basically dropped down by 22,000, representing approximately 1%. The profit before impairment has significantly increased from 1.7 million to 2.68 million in H1 2026.

Tamer Hassan Al Zadjali: The overall expenses have been maintained and controlled by the company, which has basically dropped down by OMR 22,000, which represents approximately a 1%. The profit before impairment has significantly increased from OMR 1.7 million to OMR 2,680,000 in H1 2026. At the same time, the ECL provided in the profit and loss account, which is charged for the H1 2026, has also increased by 80% from OMR 1.2 million to OMR 2.1 million. This is a glance of the profit and loss account for H1 2026, which we have tried to demonstrate from H1 2020 to H1 2025 and H1 2026. If you look at the net interest income, that has grown 23% on 2026 as compared to 2025, and from 2025, 2024, that was 32%. If you look at the overall CAGR, which is compound annual growth rate, that represents approximately 27%.

Speaker #2: At the same time, the ECL provided in the profit and loss account, which is charged for H1 2026, has also increased by 80%, from 1.2 million to 2.1 million.

Speaker #2: This is a glance at the profit and loss account for H1 2026, which we have tried to demonstrate from H1 2020 to H1 2025, and H1 2026.

Speaker #2: If you look at the net interest income, that has grown 23% in 2026 as compared to 2025, and from 2025 to 2024, that was 32%.

Speaker #2: If you look at the overall CAGR, which is compound annual growth rate, that represents approximately 27%. However, the interest expense has reduced in spite of the fact that the borrowing has increased by 1%.

Tamer Hassan Al Zadjali: However, the interest expense has reduced despite the fact that the borrowing has increased by 1%. The operating expense remains to be controlled as in relation to the overall gross income has increased for the company as compared to the previous period. The operating profit has also increased by 57%, and if you look and compare from H1 2024 to H1 2026, which was approximately OMR 900,000, has grown to OMR 2.6 million, which overall gives you a CAGR over the 2 years of 73%. At the same time, the ECL charge for H1 is OMR 2.1 million as compared to OMR 1.9 million in the previous year. The profit before tax over the period of 2 years has been increased approximately by 92% as relation to CAGR. The net interest income has increased by approximately 27.1% on a year-on-year basis for the last 2 years.

Speaker #2: The operating expense remains to be controlled, as in relation to the overall gross income, it has increased for the company as compared to the previous period.

Speaker #2: The operating profit has also increased by 57%. And if you look and compare from H1 2024 to H1 2026, which was approximately 900,000, it has grown to 2.6 million. This overall gives you a CAGR over the two years of 73%.

Speaker #2: At the same time, the ECL chart for H1 is 2.1 million, as compared to 1.1 million in the previous year. The profit before tax over the period of two years has increased approximately by 92%, as related to the CAGR.

Speaker #2: The net interest income has increased by approximately 27.1% on a year-on-year basis for the last two years. However, the overall operating expenses remain controlled, at approximately 1%.

Tamer Hassan Al Zadjali: However, the overall operating expenses remain controlled, which is approximately at 1%. This demonstrates that the income growth has materially outpaced the underlying cost base. Operating profitability has been extremely substantial with operating profit recorded at 73%, increasing from OMR 900,000 to OMR 2.6 million in H1 2026. Now we will discuss about the way forward. Our primary objective as of now and the business strategy remains to be the same what we have been following for the last 2 years consecutively, which is to grow the business volume and focusing on all products. We will be gaining the market share by improving the yield, and we are strongly focusing on the collection and recovery by managing the stressed account efficiently. We are also diversifying the funding base with the bond program and deposit mobilization.

Speaker #2: This demonstrates that the income growth has materially increased the underlying cost base. Operating profitability has been extremely substantial. The operating profit was reported at 73%, increasing from 900,000 to 2.6 million in H1 2026.

Speaker #2: Now, we will discuss the way forward. Our primary objective, as of now, and the business strategy remain the same as what we have been following for the last two years consecutively, which is to grow the business volume and focus on all products.

Speaker #2: We will be gaining market share by improving the yield, and we are strongly focusing on collections and recoveries by managing the stressed accounts efficiently.

Speaker #2: We are also diversifying the funding base with the bond program and the deposit mobilization, the focus is remaining to be on increasing the loan book with focus on the retail and the vehicle business.

Tamer Hassan Al Zadjali: The focus is remaining to be on increasing the loan book with focus on the retail and the vehicle business. Here is the lecture of the statement of financial provision, which is basically a movement on an end-of-year basis from H1 2025 to H1 2026. The overall asset base has increased by approximately 13%, and 10% out of that has been contributed by the loan advances. The remaining asset base has been increased majorly because of the investment in the investment securities. The overall snapshot of the profit and loss account has been mentioned over here, which shows a 28% growth in the overall income after interest expense, and the expense remains controlled with an increase of 2%. The ECL has increased by approximately 80% from OMR 1.2 million to OMR 2.1 million.

Speaker #2: Here is the lecture on the statement of financial provision, which is basically a movement on a head-on-head basis from H1 2025 to H1 2026.

Speaker #2: The overall asset base has increased by approximately 13% and 10% out of that has been contributed by the bond and advances. And the remaining asset base has been increased majorly because of the investment in the investment securities.

Speaker #2: The overall snapshot of the profit and loss account is mentioned over here, which shows a 28% growth in overall income after interest expense, and the expenses remain controlled with an increase of 2%.

Speaker #2: And the ECL has increased by approximately 80% from 1.2 million to 2.1 million. So the net profit remains to be at profit before tax remains to be at 550 as in relation to 520 of the previous year.

Tamer Hassan Al Zadjali: The net profit before tax remains to be at OMR 550,000 as in relation to OMR 520,000 of the previous year. An ad hoc provision for the income tax has been provided, thereafter we have provided the net profit after tax at OMR 368,000 as in relation to OMR 520,000 previous year. This is the end of the presentation. If anyone is having a question, we would be more than happy to answer. Yes, Rao.

Speaker #2: An ad hoc provision for income tax has been provided, after which we have reported the net profit after tax at 468, compared to 520 in the previous year.

Speaker #2: This is the end of the presentation. If anyone has a question, we would be more than happy to answer. Yes, Rao.

Speaker #1: Hello. Thank you. Thank you for the presentation. Can you hear me?

Rao Amirally: Hello. Thank you for the presentation. Can you hear me?

Rao Aamir Ali: Hello. Thank you for the presentation. Can you hear me?

Speaker #2: Yes, we can hear you.

Tamer Hassan Al Zadjali: Yes, we can hear you.

Speaker #1: Yes, thank you. Thank you for the detailed presentation. This is Rao Amirali from Ubhar Capital. I have a couple of questions, if you allow me.

Rao Amirally: Yes. Thank you for the detailed presentation. This is Rao Amirally from Ubhar Capital. I have a couple of questions, if you allow me.

Rao Aamir Ali: Yes. Thank you for the detailed presentation. This is Rao Amirally from Ubhar Capital. I have a couple of questions, if you allow me.

Tamer Hassan Al Zadjali: Rao, you are from? Sorry, I couldn't hear you.

Speaker #2: Now, where are you from? Sorry, I couldn't hear you.

Speaker #1: I am from Ubhar Capital.

Rao Amirally: I am from Ubhar Capital.

Rao Aamir Ali: I am from Ubhar Capital.

Speaker #2: Ubhar Capital, yeah.

Tamer Hassan Al Zadjali: Ubhar Capital, yeah.

Speaker #1: Yes, yes, yes.

Speaker #2: Welcome, welcome, Rao.

Rao Amirally: Yes.

Rao Aamir Ali: Yes.

Tamer Hassan Al Zadjali: Welcome, Rao.

Speaker #1: Okay, so my first question is regarding your gross NPL ratio, which is one of the highest in the sector—around 35%, if I am not wrong.

Rao Amirally: My first question is, your gross NPL ratio is one of the highest in the sector, which is around 35%, if I am not wrong. Can you please tell us what this is? NPLs are specific for one client or exposure is spread over multiple clients? Can you spread light?

Rao Aamir Ali: My first question is, your gross NPL ratio is one of the highest in the sector, which is around 35%, if I am not wrong. Can you please tell us what this is? NPLs are specific for one client or exposure is spread over multiple clients? Can you spread light?

Speaker #1: So can you please tell us what is this NPLs are specific for one client or for exposure is like spread of or multiple clients?

Speaker #1: Can you spread on it?

Speaker #2: Rao, thank you for the question. You may have noticed that the NPLs amounted to approximately 43,800 as at year-end, which has increased to 48.2 million in Q1. So basically, these are all the legacy accounts.

Tamer Hassan Al Zadjali: Rao, thank you for the question. If you would have noticed that the NPLs amounting for approximately OMR 43,800 as at year-end, which has increased to OMR 48.2 million in Q1. These are all the legacy accounts. What you have mentioned is correct, which is a fact that the NPL is approximately 35% of the total gross loan book, but these all are the legacy accounts.

Speaker #2: What you have mentioned is correct, which is a fact that the NPL is approximately 35% of the total gross loan book, but these are all legacy accounts.

Speaker #1: Thank you. Thank you. And you are, like, in the same question that your impairment has increased around 80% during the first half of fiscal 2026.

Rao Amirally: Thank you. You are in the same question that your impairment has increased around 80% during H1 of fiscal of 2026. Is this impairment related to some specific client or?

Rao Aamir Ali: Thank you. You are in the same question that your impairment has increased around 80% during H1 of fiscal of 2026. Is this impairment related to some specific client or?

Speaker #1: So, is this impairment related to some specific client, or?

Speaker #2: Yes, obviously when we talk about the ECL, we do provide ECL on a client basis. So these are the specific ECLs which have been charged on particular corporate customers, which were legacy accounts and have been provided in H1 2026 specifically.

Tamer Hassan Al Zadjali: Yes, obviously, when we talk about the ECL, we do provide ECL on a client basis. These are the specific ECL which has been charged on particular corporate customer, which were the legacy account and has been provided in the net 1.16%.

Speaker #1: Thank you. Thank you. And can you please tell us what is your cost of deposit and cost of borrowing? Like you mentioned that.

Rao Amirally: Thank you. Can you please tell us what is your cost of deposit and cost of borrowing? You mentioned that

Rao Aamir Ali: Thank you. Can you please tell us what is your cost of deposit and cost of borrowing? You mentioned that

Speaker #2: I might not be able to tell you the absolute, but you can work around the numbers because we have presented the interest expense and the overall borrowing. You can look at that from the face of the statement of financial position.

Tamer Hassan Al Zadjali: I might not be able to tell you the absolute, but we can work around the numbers because we have presented the interest expense. The overall borrowing we can look at from the face of the statement of financial position. But overall, if you see, in order to give you a bit of a comfort and to help you to analyze the numbers is that the overall cost of fund has dropped as compared to previous year. This is one of the prime reason that despite of the fact that the overall borrowing, including the corporate deposits, have increased, our interest expense has reduced as compared to previously reported number.

Speaker #2: But overall, if you see, in order to give you a bit of comfort and to help you analyze the numbers, the overall cost of funds has dropped compared to the previous year.

Speaker #2: This is one of the prime reasons that despite the fact that overall borrowing, including the corporate deposits, has increased, our interest expense has reduced as compared to previously reported numbers.

Speaker #1: Got it, got it. My last question is about the sector. Is the sector facing any competition from the banking sector? Are you facing that?

Rao Amirally: Got it. My last question is about sector. Is sector facing any competition from the banking sector? Are you facing that?

Rao Aamir Ali: Got it. My last question is about sector. Is sector facing any competition from the banking sector? Are you facing that?

Speaker #2: See, I would say it's a very competitive sector, no doubt about it. We have all the banks, all the FLCs operating in the same market.

Tamer Hassan Al Zadjali: See, I would say it's a very competitive sector, no doubt about it. We have all the banks, all the FLCs operating in the same market. But obviously the market is open for all the customers, and they have the choice to pick and choose. So we basically distinguish ourselves as compared to rest of the peers, where we believe that all the services should be customer-centric. At the same time, if you look at the market share has grown of Muscat Finance as compared to previous year, which were approximately 8%, and this year it's 10% on a base of the gross loan number base.

Speaker #2: But obviously, the market is open for all customers, and they have a good choice to pick and choose. So we basically distinguish ourselves compared to the rest of the players, as we believe that all the services should be customer-centric.

Speaker #2: At the same time, if you look at the market share growth of Muscat Finance as compared to the previous year, it was approximately 8%, and this year it's 10% on the basis of the gross loan base.

Speaker #1: Got it. Thank you. Thank you for the detailed question. That's much appreciated.

Rao Amirally: Got it. Thank you for addressing question. Thank you so much.

Rao Aamir Ali: Got it. Thank you for addressing question. Thank you so much.

Speaker #2: Thank you. Thank you, Rao. I would request, if any participant has a question or needs a better understanding on certain aspects, you are welcome to ask your questions.

Tamer Hassan Al Zadjali: Thank you, Rao. I would request if any participant is having a question or needs better understanding on certain aspects. Welcome you to have questions. Lamis, probably we can wait for a minute more, and if there is no question, we can conclude the session after a minute.

Speaker #2: Let me—probably we can wait for a minute more. And if there is no question, we can exit the session after a minute.

Speaker #3: Sure, Samar. Thank you.

[Company Representative] (Muscat Finance): Sure, Tamar. Thank you.

Speaker #2: Let me just flag that, apparently, we don't have any questions. I would like to thank everyone who has joined us for this session, on behalf of our CEO and the management team.

Tamer Hassan Al Zadjali: Lamis, it looks like that apparently we don't have any questions. I would like to thank everyone who has joined us for this session on behalf of our CEO and the management team. Thank you everyone for attending and for your confidence in Muscat Finance. Thank you.

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