Omantel Group reports RO306.8mn net profit, RO3bn revenue for 2024
Muscat – Oman Telecommunications Company (Omantel) Group has reported significant growth in its financial results for the year 2024. The group's revenue (including Zain Group's operations) increased by 3%, from RO2.942bn at the end of 2023 to RO3.03bn in 2024.
Although Omantel Group's net profit saw a slight decline of 2.8%, falling from RO315.5mn in 2023 to RO306.8mn in 2024, the net profit attributable to the shareholders of the company (excluding non-controlling interest) increased by 4.4%, rising to RO78.1mn in 2024 from RO74.8mn in 2023.
On the domestic front, Omantel's revenues grew by 2.7%, reaching RO622.6mn, compared to RO606.5mn in the same period of 2023. This growth was driven by a 6% increase in mobile postpaid segment revenue and a 7% rise in fixed broadband revenues year-on-year.
The net profit of Omantel's domestic operations for 2024 stood at RO69.4mn, compared to RO68.1mn in the previous period, marking a growth of 1.9%. This increase was primarily due to the positive impact of the settlement of a financial claim related to services provided by Omantel before 2020.
Zain Group, Omantel's subsidiary, reported revenues of RO2.466bn for the year ended December 31, 2024, up from RO2.361bn in the corresponding period of the previous year, an increase of 4.47%. EBITDA stood at RO861.4mn, compared to RO871.2mn in the same period last year. Zain Group's net profit was RO313.9mn, down from RO359.7mn in the previous period.
The Omantel Board of Directors has recommended to the company's Annual General Meeting, which will be held on March 27, 2025, the distribution of a cash dividend of 55bz per share for the year ended December 31, 2024 (subject to shareholder approval). Additionally, the board has proposed allocating RO750,000 for community service during 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Muscat Daily
28-05-2025
- Muscat Daily
Omantel advances Net Zero plan with emission cuts and renewables
Muscat – As climate action becomes increasingly urgent across industries, Omantel is stepping forward with a clear commitment to sustainability. The company has formally adopted a Net Zero target for 2050 and set an ambitious near-term goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 45% by 2030, using 2023 as the baseline year. This commitment reflects Omantel's broader sustainability vision and its role as a national digital enabler, supporting Oman's transition towards a low-carbon future. Rather than treating Net Zero as a distant aspiration, Omantel said it is taking measurable steps today to reshape its environmental impact. 'Our responsibility extends beyond digital infrastructure. It includes contributing to a more sustainable future for Oman. This target reflects both our ambition and the action we are taking to achieve it,' Lujaina Saif al Kharusi, Vice President of Governance, Regulatory Affairs and Compliance at Omantel, said in a press statement. A major step in this journey was reached in 2024, when Omantel redeemed 40,000 International Renewable Energy Certificates (I-RECs) sourced from the Dhofar Wind IPP through Nama Power and Water Procurement (Nama PWP). This clean electricity, equivalent to 40,000 MWh, led to a 12.38% reduction in the company's market-based Scope 2 emissions and prevented more than 88,000 tonnes of CO₂ equivalent from entering the atmosphere. Without intervention, emissions would have risen alongside business growth. Instead, Omantel achieved a 2.77% decrease in total emissions for 2024 compared to 2023, avoiding a projected 10.96% increase. By 2026, emissions are expected to remain just 5.15% above 2023 levels, significantly below the business-as-usual projection of nearly 31%. These results underscore the effectiveness of Omantel's approach. Omantel also ranks among the first telecom operators in the region to adopt renewable energy certificates at this scale. This signals both technical capability and a serious commitment to operational sustainability. 'Setting goals is important, but following through on them is what defines leadership,' said Lujaina. 'Integrating wind power into our energy portfolio is just one example of how we are aligning climate goals with real action.' By embedding sustainability into its strategy, Omantel is contributing to Oman's national Net Zero roadmap and helping shape a future where connectivity and climate responsibility advance hand in hand.
Observer
26-05-2025
- Observer
TRA launches Business Caller ID feature
Muscat: The Telecommunications Regulatory Authority (TRA), in cooperation with telecommunications service providers, is launching the Business Caller ID feature, with the aim of protecting against fraudulent calls and raising the level of transparency and trust in communications. The service is currently available to fixed-line subscribers of Omantel and Ooredoo, and the organization's name will appear in English below the name. It will ensure protection from fraudulent calls and raise the level of transparency and trust in communications. It will also target local calls from fixed lines to mobiles as the feature allows the caller's name (organization name) to be displayed for incoming calls, even if the number is not saved in the contacts, provided that the receiving device supports the feature.
Times of Oman
18-05-2025
- Times of Oman
Omantel Group reshapes the future with a strategic evolution towards technology
Muscat: Omantel on Sunday held its annual media gathering, bringing together journalists and industry professionals to showcase its strategic evolution from a conventional telecom provider to a pioneering regional digital technology powerhouse. This transition aligns with Oman Vision 2040, reinforcing the company's commitment to driving innovation, expanding digital infrastructure, and positioning itself at the forefront of technological leadership in the region. Talal Said Al Maamari, CEO of Omantel said, 'Omantel Group transcends traditional telecom services, evolving into a leading regional provider of Generative AI-driven and advanced technological products and solutions' Al Maamari added that the company is redefining connectivity by integrating cloud computing, Internet of Things, Generative AI, cybersecurity, and fintech into its portfolio, enabling a more robust digital ecosystem that supports businesses and individuals in Oman. 'With 98% 4G and 92% 5G coverage, Omantel has solidified its role as a key driver of digital transformation. The fibre-optic network spans over 16,000 kilometres, ensuring seamless high-speed internet accessibility,' he pointed out. Al Maamari said that Omantel has also pioneered Oman's first virtual 5G network, integrating cloud-based computing into its telecom infrastructure. Additionally, Wi-Fi calling has been introduced to enhance seamless communication experiences. Approximately 90% of internet traffic in Oman is now managed locally, ensuring data security and optimised performance. He further noted that with the aim of further supporting Oman's digitalisation, Omantel has connected over 500,000 smart electricity meters and 300,000 smart water meters using Internet of Things (IoT) solutions, reinforcing its contribution to smart city initiatives. The CEO of Omantel highlighted that the number of Omantel Group subscribers, including Zain, across various markets in the region has surpassed 54 million. The Group's revenue has exceeded OMR3 billion as of the end of 2024. He elaborated that Zain Omantel International (ZOI) - the Group's wholesale arm - has expanded its terrestrial links to 16,000 km, covering numerous countries in the Middle East. This expansion contributes significantly to reinforcing the leadership position of Omantel Group and Zain in the business sector. As part of its efforts to foster innovation and entrepreneurship, he elaborated, the company has established the Omantel Innovation Labs, an incubator for startups. In 2024, it supported 30 companies in sectors such as fintech, cybersecurity, and edtech, while also offering advanced funding mechanisms in collaboration with Future Fund Oman. Additionally, Omantel introduced specialized accelerators designed to aid startups in the fields of artificial intelligence and logistics, thereby enhancing digital entrepreneurship within the Sultanate of Oman. The incubated startups have created 200 new job opportunities, and their market value has reached $172 million, underscoring the effectiveness of these labs in achieving their objectives. Talal Said Al Maamari, CEO of Omantel added that Omantel's strategy centers around developing an integrated digital ecosystem, incorporating AI-driven automation, secure cloud solutions, and next-generation cybersecurity to facilitate smarter, more efficient operations. The company's Information and Communication Technology (ICT) division has achieved remarkable success, reporting a 55.5% revenue growth, underscoring Omantel's expansion into enterprise technology services. A pivotal initiative in Omantel's transformation is its investment consolidation strategy, designed to streamline technological products and solutions under a unified platform encompassing cloud, cloud services, cybersecurity, IoT, and managed and professional services. This approach enhances operational efficiency, fosters innovation, and ensures seamless service delivery. The company's Information and Communication Technology (ICT) & Enterprise division has achieved remarkable success, reporting a 55.5% revenue growth, underscoring Omantel's expansion into enterprise technology services. Al Maamari noted that 'Beyond its digital advancements, Omantel Group remains committed to sustainability, with clear objectives to reduce emissions and achieve carbon neutrality by 2050. The company has initiated solar-powered data centers, reinforcing its commitment to environmentally conscious operations. Over 200 tonnes of electronic waste have been recycled as part of its eco-conscious efforts, accompanied by a comprehensive roadmap aimed at improving energy efficiency and minimizing environmental impact. Omantel has unveiled its 2024 Sustainability Report, underscoring its unwavering dedication to environmental stewardship, social responsibility, and robust governance practices. This comprehensive report showcases the company's ongoing initiatives and strategic commitments to driving sustainable growth while fostering a positive impact on communities and the environment. Moreover, he said that Omantel actively supports small and medium enterprises (SMEs), contributing to their growth through procurement contracts and funding programs. The total allocated procurement contracts for SMEs have reached OMR13.1 million, with OMR2.5 million assigned as subcontracts, reinforcing the company's commitment to fostering local businesses. Over the last three years, Omantel has contributed OMR2 million in corporate social responsibility initiatives, further strengthening Oman's economic ecosystem. Furthermore, he noted that talent development remains a key priority for Omantel, as the company continues to invest in programs that equip Omani professionals with the expertise needed to thrive in a digital economy. The company maintains a 94% Omanisation rate, ensuring local expertise remains integral to its workforce. In 2024, Omantel created 71 direct job opportunities for Omanis. As part of its commitment to fostering young talent, Omantel has trained 625 graduates, while its flagship Gen Z program has successfully graduated 182 professionals since its launch in 2020. Al Maamari emphasised Omantel's commitment to redefining digital commerce in the Sultanate of Oman. He highlighted the launch of the e-marketplace platform designed to support SMEs and promote e-commerce through integrated digital logistics and payment solutions, with plans to expand to the MENA region. Al Maamari underscored that Omantel Group remains dedicated to digital innovation, utilising ambitious strategies to reinforce its position as a leading driver of technological progress in Oman and the broader region. The Media Meet included a dedicated panel discussion titled 'The Role of Omantel Ecosystem in Empowering the Digital Economy,' featuring three key leaders from Omantel's Enterprise ecosystem. The session explored Omantel's pivotal role in shaping Oman's digital transformation through its integrated technology solutions, strategic investments, and innovation-driven approach. The panelists highlighted Omantel's contributions to cloud computing, artificial intelligence, cybersecurity, and IoT, underscoring how these advancements enable businesses, startups, and government entities to accelerate their digital capabilities. Discussions also covered the significance of Omantel's partnerships with global technology leaders, the impact of its infrastructure expansion, and the company's commitment to fostering digital entrepreneurship. The session provided valuable insights into Omantel's vision for empowering a more connected, efficient, and secure digital economy in Oman and beyond.
