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.