Muscat – Oman Telecommunications Company (Omantel) Group reported significant growth for the nine-month period ending September 30, 2023. The group’s net profit rose 28.7% to RO251mn for the first nine months of 2023 compared to RO195mn during the same period last year.

Group revenue grew 10.6%, from RO1.981bn last year to RO2.192bn at the end of September 2023, according to a press statement.

Domestic performance

At the domestic operations level, Omantel’s revenues grew by 8.2% to reach RO458.1mn for the first nine months of 2023, compared to the corresponding period.

Domestic revenue growth mainly came from wholesale transit voice revenue, which increased by RO17mn, and device revenue, which increased by RO10.9mn.

Growth in retail revenue was contributed to by mobile postpaid revenue, which increased by 11.4%, and fixed broadband revenues, which increased by 4.4%.

Omantel’s net profit (from domestic operations) for the nine months ended September 30, 2023 was RO54.7mn, compared to RO54.9mn in the corresponding period of 2022.

Despite aggressive competition in both mobile and fixed segments, Omantel’s 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 a reduction in finance cost and tax expense.

Zain Group, a subsidiary of Omantel Group, announced its financial results on Tuesday, reporting an 11% growth in revenues to reach $4.6bn, while net profit rose by 13% to reach $561mn, compared to the corresponding period in 2022.