Omantel Net profit reaches over RO 85 mln

omantel
omantel

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 

Oman: 

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.”

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.