Omantel Q3 net up 28pc; revenue soars to $5.6bn
MUSCAT, November 15, 2023
Oman Telecommunications Company Group has reported significant growth for the nine months ended September 2023, with its net profit surging by 28.7% to hit RO251 million ($650 million) compared to the last year's figure of RO195 million ($505 million), while its group revenue grew 10.6% from RO1.8 billion ($4.6 billion) to RO2.19 billion ($5.6 billion).
At the level of domestic operations, Omantel's revenues grew by 8.2% to reach RO458.1 million, compared to the corresponding period.
Revenue growth is mainly coming from wholesale transit voice revenue which increased by RO17 million and device revenue which increased by RO10.9 million.
Growth in retail revenue is contributed by Mobile Postpaid revenue which increased by 11.4% and Fixed Broadband revenues which increased by 4.4%.
Net Profit for the nine months ended September 2023 stands at RO54.7 million compared to RO54.9 million in the previous period.
Inspite of the aggressive competition in both Mobile and Fixed segments net profit is maintained at similar levels compared to last year on account of sustainable revenue growth in Postpaid Mobile revenue, fixed broadband revenue and reduction in finance cost and Tax expense.
Zain Group, a subsidiary of Omantel Group, had announced its financial results yesterday, reporting a growth of 11% in its revenues, to reach $4.6 billion, while net profit rose to $561 million, up 13% over last year.-TradeArabia News Service
