FEAS Yearbook FEAS Yearbook 2021 | Page 84

Muscat Clearing and Depository

About Company

Established: 01.02.1999

Address: Sultanate of Oman Muscat - Ruwi P.O.Box:952

PC:112

Contact person: Ahmed Suliman Al-Kindi

Contact email: [email protected]

Website: www.mcd.gov.om

- Joined FEAS in 2019-

Mohammed Abdullhadi Hassan

Acting General Manager

The Federation of Euro-Asian Stock Exchanges

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During the year 2021, the company achieved significant growth rates in its profit compared to 2020, as a result of the company's continued development of its services through the use of modern technology, since it used an electronic platform to manage companies' associations and manage modern subscriptions electronically and pursued to develop the mechanisms and methods of transferring profit and interests to issuers through the company's accounts, as well as the development of the company's services via its website, in addition to reducing and rationalizing spending according to the approved estimated budget for the year 2021.

The company's revenues rose to 4.769 million Omani rials, with an increase of 6.6% over the previous year, and the net profit recorded significant growth rates of 1.515 million Omani rials compared to 1.141 million Omani rials for the previous year, with an increase of 33%. The profits achieved for the year 2021 are considered exceptional profits compared to the prevailing circumstances and the profit rates recorded in the company since its establishment in 1999.

The continuation of the COVID-19 pandemic and its repercussions on the economies of all countries during the year 2021 and its negative impact on the performance of the majority of companies and institutions was the biggest challenge through the past two years, as well as the significant drop in international oil prices from March 2020 until the middle of 2021, which affected most of the direct transactions between countries and their economies.

The company managed to achieve excellent performance rates, which was positively reflected in the total revenues and the realized profit rates for the year. This is due to the fact that the company benefited from the completion of the infrastructure of programs and systems that enabled it to keep pace with and adapt to these emergency and difficult circumstances, during which the company achieved exceptional performance rates by all standards with high flexibility where MCD:

•Developed its website by providing many services through it, as this made it easier for companies and issuers of securities listed on the Muscat Stock Exchange, and shareholders to request services in addition to collecting the fees for these services directly via the electronic payment for the performance of these services.

•Continuous development of internal programmes used in accounting and human resources at the company.

•Developed the digital platform for the management of associations (AGMs) for the issuers, which contributed to supporting the efforts exerted by the company to improve the services provided in this platform from the beginning of the application of the management of the association through the platform.

•Signing an agreement to open an account with the Euroclear which is an institution specialized in settling and preserving securities around the world.

Year in review