The Oman Telecommunications Company Group (Omantel Group) has disclosed a substantial growth in its financial performance for the first nine months of 2023. The group’s net profit has surged by 28.7%, reaching RO251 million ($650 million), a significant increase from the previous year’s figure of RO195 million ($505 million). Furthermore, the group’s revenue experienced a 10.6% increase, growing from RO1.8 billion ($4.6 billion) to RO2.19 billion ($5.6 billion).
Domestically, Omantel’s revenues saw an 8.2% increase, totaling RO458.1 million. This revenue growth primarily stems from two areas: a RO17 million increase in wholesale transit voice revenue and a RO10.9 million rise in device revenue. Additionally, the growth in retail revenue was bolstered by an 11.4% increase in Mobile Postpaid revenue and a 4.4% rise in Fixed Broadband revenues.
The net profit for the nine months ending September 2023 stands at RO54.7 million, closely aligning with the previous period’s figure of RO54.9 million. Despite aggressive competition in both Mobile and Fixed segments, the company has maintained similar net profit levels as the previous year. This stability is attributed to sustainable revenue growth in Postpaid Mobile revenue and fixed broadband revenue, coupled with a reduction in finance costs and tax expenses.
Zain Group, a subsidiary of the Omantel Group, also reported its financial results, showing a revenue increase of 11% to reach $4.6 billion. Its net profit rose to $561 million, marking a 13% increase over the last year.
The financial results of Omantel Group and its subsidiary Zain Group demonstrate significant growth and resilience in a competitive market, reflecting their commitment to delivering strong performances and maintaining a steady growth trajectory in the telecommunications sector.
