Muscat – Omantel has issued a clarification following the Financial Services Authority’s (FSA) recent directive requiring the company to restate its audited financial statements for the fiscal year ending December 2024.
The FSA’s decision, outlined in Administrative Decision No. (25/2025), cited non-compliance with International Financial Reporting Standards (IFRS), specifically IAS 29 relating to hyperinflationary economies and IAS 21 concerning foreign exchange rate changes. The regulator instructed Omantel to resubmit its revised audited financial statements within two months.
In its clarification, Omantel stressed that it remains committed to transparency, regulatory compliance, and safeguarding shareholder interests. The company highlighted that its financial disclosures have always followed professional standards and that it will cooperate fully with the FSA to meet requirements.
Omantel also reaffirmed that the restatement process will not affect its operational performance, business continuity, or ability to deliver services. The company emphasized that the matter is strictly technical in nature and will not impact its financial strength or market position.
The FSA noted that Omantel has the right to appeal the decision through the authority’s Grievances Committee, but until such an appeal is successful, the directive remains in effect.
