Bank Muscat, Oman’s largest lender, posted a 1.3 per cent increase in fourth-quarter net profit on Sunday, according to Reuters calculations, in line with analysts’ estimates.
The bank made a profit of 39.7 million Omani rials in the three-month period ending December 31, up from 39.2m rials a year earlier.
Bank Muscat didn’t disclose a quarterly breakdown of its earnings so Reuters calculated the figure based on previous financial statements.
Three analysts polled by Reuters forecast the bank would make a quarterly net profit of 41.7m rials.
For the full-year, the bank made a net profit of 176.6m rials, up 0.6 per cent from the same period in 2015, it said in a statement to the Muscat bourse.
* Reuters
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Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
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Courtesy: Crystal Intelligence
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