Omantel Group has announced its unaudited financial results for the nine-month period ending September 30, 2024, reporting a net profit of RO187.5 million. Revenues grew by 2.2%, reaching approximately RO2.239 billion, which includes contributions from Zain Group.
For its domestic operations, Omantel generated revenues of RO452.8 million during the first nine months of 2024. The group’s EBITDA showed a slight increase, supported by stable retail margins and lower impairment provisions on receivables.
However, domestic net profit for the period decreased by 6.7%, standing at RO54.7 million compared to RO58.6 million in the same period of 2023. The decline is attributed to the company’s ongoing investments in capital expenditure (capex), particularly in network expansion to improve service quality. This investment led to a 7.3% rise in depreciation and amortization costs.
Zain Group, which is part of Omantel’s consolidated results, reported revenues of $4.7 billion for the same period, with a consolidated net income of $442 million.
