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Omantel Group has posted a 9.7% increase in revenue to RO 2.942 billion at the end of 2023, up from RO 2.682 billion in 2022. The Group’s net profit grew by 13.1% from RO 278.9 million in 2022 to RO 315.5 million at the end of year 2023. Net profit attributable to shareholders (after excluding the non-controlling interest) is RO 74.8 million for 2023 compared to RO 91.3 million in 2022.
At the level of domestic operations, Omantel’s revenues grew by 7.3% to reach R.O 606.5 million, compared to RO 565.5 million reported in the same period of 2022, driven by growth in wholesale transit voice revenue which increased by RO 17.2 million and device revenue which increased by RO 19.3 million. Growth in retail revenue is contributed by Mobile Postpaid revenue which increased by 10.2% and Fixed Broadband revenues which increased by 4.2%.
Net Profit of the domestic operations stood at RO 63.3 million for 2023, compared to RO 85.7 million in the previous period, a decline of 26.1%. Net profit for the year 2022 included Capital gain on Sale of Towers for RO 28 million (Net of taxes). Excluding the Capital gain from the profit for year 2022, the net profit for year 2023 shows an increase of 9.7% compared to the previous year. This increase was on account of stable EBITDA and a decrease in finance costs.
Zain Group Performance:
Zain Group revenues for 2023 reached RO 2.361.4 billion compared to RO 2.129 billion in 2022, an increase of 10.9%. EBITDA stands at RO 871.3 million, compared to EBITDA of RO 828.6 million in 2022, recording an increase of 5.2%. Net profit stands at RO 359.7 million compared to RO 276.5 million of the previous period, an increase of 30.1%. Key operations in Kuwait, Iraq, KSA and Jordan delivered impressive profit growth. The completion of Tower sales during the year in KSA and Iraq helped in creating value and efficiencies for Zain Group.
Omantel Board of Directors recommended to the Company’s Annual General Meeting that will be held on March 30, 2024 a cash dividend of 55 Baiza per share for the year (subject to shareholders approval).
Oman Daily Observer
