Omantel's net profit rises by 28.7%

Muscat: Oman Telecommunications Company Group (MSX: OTEL) reported significant growth for the nine months ended September 2023, net profit increasing 28.7 per cent from OMR195 million to OMR251 million at the end of September 2023.

Group revenue grew 10.6 per cent from OMR1981.5 million to OMR2192.5 million at the end of September.

Omantel's domestic operations performance
At the level of domestic operations, Omantel's revenues grew by 8.2 per cent to reach OMR458.1 million, compared to the corresponding period. Revenue growth is mainly coming from wholesale transit voice revenue which increased by OMR17 million and device revenue which increased by OMR10.9 million. Growth in retail revenue is contributed by Mobile Postpaid revenue which increased by 11.4 per cent and Fixed Broadband revenues which increased by 4.4 cent from.

Net Profit for the nine months ended September 2023 stands at OMR54.7 million compared to OMR54.9 million in the previous period. Despite 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 Performance
Zain Group, a subsidiary of Omantel Group, announced its financial results yesterday, reporting a growth of 11 per cent in its revenues, to reach $4.6 billion, while net profit rose by 13 per cent to reach $561 million, compared to the corresponding period in 2022.