Omantel Group net climbs to RO 62.5m in Q1 of 2022
Published: 04:05 PM,May 08,2022 | EDITED : 08:05 PM,May 08,2022
BUSINESS REPORTER
MUSCAT, MAY 8
Majority state-owned telecom operator Omantel posted a net profit (after tax) for the group of RO 62.5 million for the quarter ended March 31, 2022, which was up 11.6 per cent from net earnings of RO 56.0 million recorded for Q1 2021.
After adjusting for minority interest, the net profit for the period was RO 18.5 million, compared to RO 16.9 million in Q1 2021, an increase of 9.5 per cent, the company stated in the Chairman’s Report for the quarter. Group revenue for the period ended March 2022 reached RO 634.8 million compared to RO 602.7 million for the corresponding period of 2021.
The Group revenue includes acquired business of Zain Group, which contributed revenues of RO 504.2 million.
The Group’s total operating expenses increased to RO 535.6 million compared to RO 505.4 million for the corresponding period of 2021, an increase of 6.0 per cent.
On the domestic front, Omantel revenues reached RO 133.3 million compared to RO 131.4 million for the corresponding period 2021. Revenues growth was mainly achieved in Mobile Post-paid and Fixed Broadband revenues. Net Profit for the three months ended March 2022 stood at RO 19.5 million compared to RO 19.1 million in the previous period.
“Increase in net profit is predominantly on account of revenue growth in Post-paid Mobile revenue (11.6pc) Fixed Broad band revenue (2.1pc), cost optimisation measures, reduction in depreciation and impairment provision against receivables (contributed by healthy collections)’’, the report stated.
The total domestic subscriber base as of March 2022 (including mobile and fixed businesses) was 3.170 million (excluding Mobile Resellers) compared to 3.244 million of the corresponding period of the previous year, a decline of 2.3 per cent over the last period. Total subscriber base with mobile resellers reached 3.665 million.
Zain Group revenues reached RO 504.2 million as of March 2022 compared to the corresponding period revenues of RO 473.3 million, an increase by 6 per cent.
EBITDA stood at RO 189.8 million, compared to the corresponding period EBITDA of RO 195.9 million, recording a decline of 3.1 per cent. Net profit grew by 7 per cent to RO 64.2 million, compared to RO 59.5 million for of the previous period.
Total customer base of Zain Group increased by 4.8 per cent to 51 million compared to 49 million of the previous period.
MUSCAT, MAY 8
Majority state-owned telecom operator Omantel posted a net profit (after tax) for the group of RO 62.5 million for the quarter ended March 31, 2022, which was up 11.6 per cent from net earnings of RO 56.0 million recorded for Q1 2021.
After adjusting for minority interest, the net profit for the period was RO 18.5 million, compared to RO 16.9 million in Q1 2021, an increase of 9.5 per cent, the company stated in the Chairman’s Report for the quarter. Group revenue for the period ended March 2022 reached RO 634.8 million compared to RO 602.7 million for the corresponding period of 2021.
The Group revenue includes acquired business of Zain Group, which contributed revenues of RO 504.2 million.
The Group’s total operating expenses increased to RO 535.6 million compared to RO 505.4 million for the corresponding period of 2021, an increase of 6.0 per cent.
On the domestic front, Omantel revenues reached RO 133.3 million compared to RO 131.4 million for the corresponding period 2021. Revenues growth was mainly achieved in Mobile Post-paid and Fixed Broadband revenues. Net Profit for the three months ended March 2022 stood at RO 19.5 million compared to RO 19.1 million in the previous period.
“Increase in net profit is predominantly on account of revenue growth in Post-paid Mobile revenue (11.6pc) Fixed Broad band revenue (2.1pc), cost optimisation measures, reduction in depreciation and impairment provision against receivables (contributed by healthy collections)’’, the report stated.
The total domestic subscriber base as of March 2022 (including mobile and fixed businesses) was 3.170 million (excluding Mobile Resellers) compared to 3.244 million of the corresponding period of the previous year, a decline of 2.3 per cent over the last period. Total subscriber base with mobile resellers reached 3.665 million.
Zain Group revenues reached RO 504.2 million as of March 2022 compared to the corresponding period revenues of RO 473.3 million, an increase by 6 per cent.
EBITDA stood at RO 189.8 million, compared to the corresponding period EBITDA of RO 195.9 million, recording a decline of 3.1 per cent. Net profit grew by 7 per cent to RO 64.2 million, compared to RO 59.5 million for of the previous period.
Total customer base of Zain Group increased by 4.8 per cent to 51 million compared to 49 million of the previous period.