Omantel posts OMR107m net profit

Business Monday 19/February/2018 10:46 AM
By: Times News Service
Omantel posts OMR107m net profit

Muscat: Oman Telecommunications Company (Omantel), the Sultanate’s biggest telecommunication firm, has posted a net profit of OMR106.80 million for 2017, down 7.8 per cent from OMR115.80 million registered for the previous year.
Following the acquisition of a controlling stake in Kuwait’s Mobile Telecommunications Company (Zain Group), Omantel group results include Zain results for the period from November 15, 2017 to December 31, 2017, said a disclosure statement posted on MSM website.
The group revenue recorded an increase of 44.7 per cent to reach OMR751.7 million compared to OMR519.3 million of the same period of 2016. The increase is mainly on account of the consolidation of Zain’s revenue, which contributed OMR219.6 million to the total revenue.
The group’s net profit for year 2017 includes OMR35.7 million contributed by Zain Group. After adjusting for the minority interest, Zain group contributed profit of OMR7.6 million to the group profit.
The financial results are unaudited and subject to review of the audit committee and approval of the board. The final results will be released after the approval.