Omantel reports 28.7 pc rise in Q3 net profit

Muscat: Oman Telecommunications Company Group has reported significant growth for the nine months ending September 2023, with net profit increasing by 28.7 per cent from RO 195 million to RO 251 million at the end of September 2023. The group's revenue also showed a robust increase of 10.6 per cent , rising from RO 1981.5 million to RO 2192.5 million at the end of September 2023.

At the domestic level, Omantel's revenues grew by 8.2 per cent , reaching RO 458.1 million compared to the corresponding period. This growth is primarily attributed to an increase in wholesale transit voice revenue by RO 17 million and device revenue by RO 10.9 million. Retail revenue growth is driven by an 11.4 per cent increase in Mobile Postpaid revenue and a 4.4 per cent increase in Fixed Broadband revenues.

The net profit for the nine months ending September 2023 stands at RO 54.7 million, a slight decrease from RO 54.9 million in the previous period. Despite aggressive competition in both Mobile and Fixed segments, the net profit is maintained at similar levels compared to last year, thanks to sustainable revenue growth in Postpaid Mobile revenue, fixed broadband revenue, and a reduction in finance costs and tax expenses.

Zain Group, a subsidiary of Omantel Group, released its financial results yesterday, indicating an 11 per centgrowth in revenues to reach US$ 4.6 billion. The net profit also experienced a notable increase of 13 per cent, reaching US$ 561 million compared to the corresponding period in 2022.