Domestic operations revenues grew 8.2%
Muscat: Oman Telecommunications Company Group (MSX: OTEL) reported significant growth for the nine months ended September 2023, net profit increasing 28.7% from RO 195 Mn to RO 251 Mn at the end of September 2023. Group revenue grew 10.6% from RO 1981.5 Mn to RO 2192.5 Mn at the end of September 2023.
Omantel’s domestic operations performance
At the level of domestic operations, Omantel’s revenues grew by 8.2% to reach R.O 458.1 million, compared to the corresponding period. Revenue growth is mainly coming from wholesale transit voice revenue which increased by RO 17 Mn and device revenue which increased by RO 10.9 Mn. Growth in retail revenue is contributed by Mobile Postpaid revenue which increased by 11.4% and Fixed Broadband revenues which increased by 4.4%.
Net Profit for the nine months ended September 2023 stands at RO 54.7 Mn compared to RO 54.9 Mn in the previous period. Inspite of the aggressive competition in both Mobile and Fixed segments net profit is maintained at similar levels compared to last year on account of sustainable revenue growth in Postpaid Mobile revenue, fixed broadband revenue and reduction in finance cost and Tax expense.
Zain Group Performance:
Zain Group, a subsidiary of Omantel Group, announced its financial results yesterday, reporting a growth of 11% in its revenues, to reach US$ 4.6 billion, while net profit rose by 13% to reach US$ 561 million, compared to the corresponding period in 2022.
Omantel is the Sultanate’s first and leading integrated telecommunications services provider, enabling the digital society to flourish, allowing new ways of doing business and delivering a world of information, news and entertainment. While striving to ensure optimum customer satisfaction, Omantel plays a key social role in providing the required support and subsidy to all sectors of the Omani society.
more recommended stories
Oman’s Council of Ministers receives Qatari Delegation
Muscat: The Secretariat General of the.
Second edition of Dhofar Theatre Festival begins
Salalah: The Dhofar Theatre Festival in.
UTAS-SOHAR launches the Artificial Intelligence Laboratory
Sohar: The University of Technology and.
First professional associations forum “Partnership and Networking” begins
Muscat: Professional associations in Oman today.
Royal Air Force of Oman celebrates graduation of pilots and officers
Muscat: The Royal Air Force of.
Ministry of Information Organizes Workshop on Roles, Sustainability of Omani Journalism
Muscat: The Ministry of Information today.
MoCIIP continue inspection campaign for e-payment services in Muscat
Oman’s MoCIIP continue inspection campaign for.
Oman’s EA use latest technology in environmental monitoring operations
Muscat: The Environment Authority implemented the.
Oman’s SAI Participates in ARABOSAI Meeting
Oman’s SAI Participates in ARABOSAI Meeting.
Social media violators summoned in Oman: MoCIIP
Muscat: Ministry of Commerce, Industry &.