140pc jump in Omantel 2016 net

Business Reporter –
MUSCAT, JAN 16 –
Oman Telecommunications Company SAOG (Omantel) yesterday announced its preliminary unaudited financial results for the year ended December 2016, recording a group revenue of RO 525.3 million, an increase of 2.1 per cent over the previous year’s revenue of RO 514.3 million. Net profit for the group soared 140.6 per cent to RO 116.7 million, compared to RO 48.5 million in 2015.
The net profit for Year 2015 includes one off charges of impairment with respect to its investment in a subsidiary and voluntary end-of-service payments. If this is excluded, the net profit for year 2015 would have been RO 115 million, the company said.
Operating expenses declined 1.8 per cent to RO 399.4 million in 2016, down from RO 392.3 million a year earlier.
Earnings before interest, tax, depreciation and amortisation (EBITDA), a measure of a company’s operating performance, grew 5.5 per cent to RO 262.6 million, up from RO 248.9 million a year earlier.
Omantel said in a filing to the Muscat Securities Market that the results were unaudited and subject to review by the Audit committee and approval of the Board.