telecom

Omantel Group’s Q1 profit rises 12% to RO62mn

April 25, 2022

Muscat – Oman Telecommunications Company (Omantel) on Sunday announced that its group net profit increased by 11.6 per cent year-on-year for the three months period ended March 31, 2022.

Omantel Group reported net profit of RO62.5mn for the first quarter of 2022 compared with RO56mn posted in the corresponding period of 2021, according to the company’s preliminary financial results submitted to the Muscat Stock Exchange.

Group revenues increased 5.3 per cent to RO634.8mn during the January – March period of this year from RO602.7mn recorded in the same period of last year. Net profit margin of the group slightly increased to 9.8 per cent in the first quarter of 2022 compared to 9.3 per cent reported for the same period of 2021.

Net profit attributable to the shareholders of Omantel came at RO18.5mn in the first three months of 2022, an increase of 9.5 per cent from RO16.9mn in the same period of 2021.

Omantel said its subsidiary Zain Group generated consolidated revenue of US$1.3bn for the three months ended March 31, 2022, while Zain Group’s consolidated net income reached US$156mn during the same period.

Domestic performance

Omantel’s net profit from domestic operations recorded a relatively slow growth of just two per cent during the first quarter of this year. The company’s domestic net profit increased to RO19.5mn in January – March quarter of 2022 compared to RO19.1mn reported for the same period of the previous year.

Omantel’s net profit margin increased to 15 per cent for the first quarter of this year as compared to 14.5 per cent reported in the same period of last year.

Total revenue from domestic operations inched up 1.4 per cent to RO133.3mn for the three months period ended March 31, 2022 against RO131.4mn in the same period of 2021.

‘The increase in net profit is predominantly on account of sustainable revenue growth in postpaid mobile and fixed broadband revenue, cost optimisation measures and reduction in impairment provision against receivables,’ Omantel said.

The figures showed that Omantel’s postpaid mobile revenue grew by 11.6 per cent and fixed broadband revenue increased by 2.1 per cent during the first quarter of 2022.

muscatdaily

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