Thursday, September 16
07:32 PM

Omantel reports RO229mn group net profit

27 Feb 2021

Oman Telecommunications Company (Omantel) on Thursday reported its group net profit at RO229mn for the year ended December 31, 2020, a decline of 23.6 per cent compared to the group net profit of RO299.7mn in the previous year.

Omantel Group’s total revenue decreased by 3 per cent to RO2.513bn in 2020 as compared with RO2.592bn recorded for the full year 2019, the company said in a disclosure announcing its unaudited results to the Muscat Securities Market.

As per the disclosure, net profit attributable to the shareholders of the company came at RO66.9mn for 2020, around 14 per cent lower compared with RO77.7mn recorded in the previous year.

Omantel’s domestic operations in 2020, however, showed an impressive performance considering the serious business disruptions witnessed since March 2020 resulting from the COVID-19 pandemic.

The company’s net profit from domestic operations marginally decreased to RO77.3mn last year against RO79mn net profit recorded in 2019.

‘Effective management of sales activities along with proactive cost optimisation measures taken by the management has positively contributed in minimising the overall impact by achieving a 12 per cent reduction in operating and administrative expenses year-on-year,’ Omantel said.

Omantel’s revenue from domestic operations decreased by 4 per cent to RO533.1mn for the year ended December 31, 2020 from RO554.3mn reported in the previous year.

‘The growths achieved in mobile postpaid, fixed broadband, data services, ICT, wholesale international business and device revenues have contributed in managing the domestic revenues for 2020 despite a fall in prepaid revenue due to challenging market conditions,’ Omantel said.

For the full year 2020, Zain Group generated consolidated revenue of US$5.3bn while consolidated net income of Zain Group reached US$605mn, Omantel said.

The company informed that the unaudited financial results for the year 2020 are subject to the review of its audit and risk committee and approval of the board of directors.

© 2021 Apex Press and Publishing. All Rights Reserved.