Omantel Net profit reaches over RO 85 mln


Omantel net profit rose 16 per cent to RO 85 million for the year 2022, up from RO 73 Million for the previous year.

In a disclosure to the Muscat Stock Exchange, Omantel said: “Announcing its initial unaudited preliminary financials for the year end of 2022

Post completion of Tower Sale transaction and REIF transactions in Q4-2022 reporting of domestic performance and net profit is revised to include dividend income from Zain group, finance costs and other associated costs with respect to its investment in Zain group 


Net profit for the year stands at RO 85.7 Mn compared to RO 73.9 Mn in year 2021 which represents and increase of 16%. Year 2022 saw the completion of key initiatives which helped significantly in deleveraging the balance sheet (Tower sale, REIF and bond buyback) and achieve an optimized capital structure. Net profit for the year includes profit from discontinued operations (Gain on disposal of Towers) of RO 28 Mn (net of income tax), dividend income from Zain group of RO 39.5 Mn (2021: RO 52 Mn) and Finance costs with respect to its investment in Zain group of RO 46.9 Mn (2021: RO 51.4 Mn). Adjusted for the above items Net profit for the year stands at RO 65.1 Mn compared to RO 73.3 Mn in year 2021 which represents a decrease of 11.1% The decrease in adjusted Net profit is primarily attributable to reduction in EBITDA which in turn is attributed to the reduction in Prepaid Mobile revenue on account of increased competition in the market. The reduction in Prepaid Mobile revenue is significantly offset by growth in Mobile Postpaid revenue and Fixed Broadband revenues which increased by 11.2% and 3.3% respectively. This was further supplemented by reduction in Operating costs and reduction in impairment provision on receivables.

Zain Group 

For the full-year 2022, Zain group generated consolidated revenue of USD 5.6 bn, while consolidated net income reached USD 640 Mn.”

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