Oman: Omantel Group reports $794mln net profit, $7bln 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.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
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