Muscat: Omantel, the largest telecom service provider in Oman, has recorded a net profit for 2016 of OMR116.7m, a 140.6 per cent increase on the previous year.
Oman Telecommunications Company announced that its group net profit surged to OMR116.7 million from OMR48.5 million in 2015.
The phenomenal leap in profits is largely due to the fact that 2015’s net profit figure was slashed by one-off charges with respect to its investment in subsidiary and voluntary end of services. Had these charges not applied in 2015, the net profit for that year would have been OMR115 million.
According to the preliminary results announced by the company, group revenue recorded a growth of 2.1 per cent to OMR525.30 million compared with OMR514.30 million in the corresponding period of 2015. The company’s operating expenses grew by 1.8 per cent to OMR399.40 million for 2016, from OMR392.30 million for the previous year.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) stood 5.5 per cent higher at OMR262.6 million in 2016, from OMR248.9 million for the previous year. Omantel said that these results are unaudited and subject to review of the audit committee and approval of the board.
A spokesman declined to comment ahead of the final report.