Abu Dhabi-based Oasis International Leasing added 191 million Emirati dirhams ($52 million) to its Risk Adjusted Lease Book (RALB), the present value of contracted future lease revenues, bringing the total to Dh 831 million. This reflects an annual growth of 27 percent over the past five years with the proposed dividend to shareholders remaining unchanged at two percent.
In its financial report for 2002, Oasis Leasing recorded revenues of Dh 196 million, representing a 24 percent annual growth rate over the five years since 1998. A one-off non-cash write-off in respect of accelerated amortization of project finance costs has resulted in a small net loss. However, the underlying operating costs of the company remain relatively low and fixed in nature. The net profit, taken before the accelerated amortization charge, at two million dirhams, more accurately reflects the operations of the business in the year.
Last year, the company completed its first leasing deal in the North American market, with three aircraft leased to Air Canada, including Oasis Leasing's first new aircraft, an Airbus A321.
Oasis International Leasing Company was formed in 1997. Its principal business is to identify, structure, manage and invest in high value leasing transactions. The objective is to deliver sustainable shareholder investment returns.
Oasis Leasing's asset portfolio includes 16 aircraft on long-term lease to major regional and international flag carriers and a 50 percent stake in a capesize bulk carrier ship, acquired in 2001. Clients include Air Canada, Malaysia Airlines, Virgin, Air New Zealand and Easy Jet. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
