Omantel Group reports 28.7% rise in Q3 net profit

omantel
omantel

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.

About Omantel:

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.

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.