Omantel Group Records Robust Financial Performance with 28.7% Surge in Net Profit
In a testament to its financial resilience, Omantel Group, a leading telecommunications company, announced an impressive 28.7% surge in net profit for the first nine months of 2023, reaching RO251mn. Compared to last year’s RO195mn, this substantial growth underscores Omantel’s strong market presence and strategic financial management.
Revenue Boom and Domestic Operations
The group’s overall revenue marked a robust growth of 10.6%, soaring from RO1.981bn in the previous year to RO2.192bn by the end of September 2023. Delving into its domestic operations, Omantel reported a remarkable 8.2% increase in revenues, totaling RO458.1mn for the first nine months of 2023. Key contributors to this surge were wholesale transit voice revenue, climbing by RO17mn, and device revenue, witnessing an uptick of RO10.9mn.
Retail Revenue Dynamics
Omantel’s success story also unfolds in its retail revenue domain, where mobile postpaid revenue experienced a notable 11.4% upswing, and fixed broadband revenues showed a commendable growth of 4.4%. Despite fierce competition in mobile and fixed segments, the telecom giant maintained a steady net profit of RO54.7mn from domestic operations during the mentioned period, marginally lower than the RO54.9mn recorded in 2022.
Financial Fortitude Amidst Competition
The ability of Omantel to sustain its net profit amid aggressive market competition can be attributed to consistent revenue growth in postpaid mobile revenue, expanding fixed broadband revenue, and prudent financial strategies, including a reduction in finance costs and tax expenses. This financial acumen positions Omantel as a formidable player in the telecommunications landscape, navigating challenges while ensuring profitability.
Zain Group’s Stellar Performance
A noteworthy mention is Zain Group, a subsidiary of Omantel Group, which unveiled robust financial results, reporting an impressive 11% growth in revenues, reaching $4.6bn. Net profit for Zain Group surged by 13% to $561mn, showcasing the collective financial strength of the Omantel Group and its subsidiaries.
This financial report signifies a numerical achievement and a strategic triumph for Omantel Group, reinforcing its position as a leading force in the telecommunications sector. As the industry continues to evolve, Omantel’s financial prowess and adaptive strategies position it for sustained success in the dynamic market landscape.