Omantel AGM approves cash dividend of 55bz per share

March 29, 2022

Muscat – Omantel held its annual general meeting (AGM) on Sunday at the company’s headquarters at Madinat Al Irfan, under the chairmanship of Mulhim bin Bashir al Jarf, chairman of Omantel board of director in the presence of shareholders, board members, external auditors, legal adviser and observer from the Capital Market Authority.

During the meeting, Omantel shareholders approved a proposal to distribute cash dividends of 55bz per share to the registered shareholders as of March 27, 2022.

The AGM also approved chairman’s report on the company activities and financial performance for the fiscal year ended December 31, 2021. The meeting also approved the company’s corporate governance report and auditors’ report on the audited financial statements for the financial year 2021 at which the company net profit after adjusting for minority interest stood at RO67.1mn.

Commenting on this, Jarf said, “Despite the challenging market conditions, increased competition and challenges resulting from the COVID-19 pandemic at the local and international levels, Omantel Group achieved a good financial performance during 2021.”

“Zain Group, in which Omantel has a strategic stake, continued delivering good performance and growing its net profit despite decline in revenues. Zain Group achieved a net profit growth of 2 per cent compared to the same period in 2020. Moreover, the contribution of Omantel’s subsidiaries in the sultanate to the group’s revenues increased during the past year compared to the same period in 2020,” he said.

Jarf further said, “The COVID-19 outbreak continues to have a profound impact on the global and local economies as well as the telecom sector in specific. Following the acceleration of vaccination programs, the expectation of a return to normal is growing and the domestic economy is expected to gradually return back into a growth scenario.”

On his part, Talal bin Said al Mamari, Omantel’s chief executive officer, said, “Omantel has implemented its new strategy that continues to be our primary tool to optimize value generation for both our customers and shareholders. Shift Gear builds further on the key transformation initiatives started under ‘Omantel 3.0’ and focuses on a number of key business enablers including Omantel’s transition to a digital operator, building on the company’s position and leveraging the sultanate’s strategic position as a global communications hub.”

He said that customer experience and innovation have been two main areas of focus for Omantel during 2021. “We continued to launch several initiatives in this regard, including the launch of 5G for mobile devices, the expansion of the 5G for fixed and mobile networks and building an integrated system for innovation and technology entrepreneurship through the launch of Omantel Innovation Labs, Omantel’s Innovation Oasis and the ‘E-Dukaan’, the first unmanned store in the Middle East region.”

With regard to social responsibility, Mamari said, “Omantel focused in 2021 on providing support to the deserving families and those affected by tropical cyclone Shaheen in last October. The company also launched selective initiatives aimed at strengthening digital transformation and building the capabilities of a digital society. Omantel issued this year its fifth sustainability report, which covered Omantel performance in social, economic and environmental aspects”.

Omantel’s AGM also approved the other items listed on the meeting agenda, the most important of which is approving the allocation of RO500,000 for community service during 2022.


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