Oman Telecommunications Company Group reported growth for the nine months ended September 2023, net profit increasing 28.7 percent from RO 195 million to RO 251 million at the end of September 2023.
The Group revenue grew 10.6 percent from RO 1981.5 million to RO 2192.5 million at the end of September 2023.
Omantel's revenues grew by 8.2 percent to reach RO458.1 million, compared to the corresponding period, at the level of domestic operations.
Revenue growth is mainly attributed to wholesale transit voice revenue which increased by RO 17 million and device revenue which increased by RO 10.9 million.
Growth in retail revenue is contributed by mobile postpaid services which increased by 11.4 percent and Fixed Broadband revenues which increased by 4.4 percent.
Net Profit for the nine months ended September 2023 stands at RO 54.7 Mn compared to RO 54.9 Mn in the previous period.
In spite of the aggressive competition in both mobile and fixed line segments, net profit is maintained at similar levels compared to last year on account of sustainable revenue growth in postpaid mobile revenue, fixed broadband revenue, and reduction in finance costs and tax expenses.
Zain Group, a subsidiary of Omantel Group, announced its financial results on Tuesday, reporting a growth of 11 percent in its revenues, to reach US$ 4.6 billion.
In comparison, net profit rose by 13 percent to reach $ 561 million, compared to the corresponding period in 2022.
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