Omantel posts phenomenal growth in net profit at OMR117m

Oman Telecommunications Company (Omantel), the largest telecom service provider in the Sultanate, said that its group net profit surged ahead by 140.6 per cent to OMR116.7 million for 2016, from OMR48.5 million for the previous year.

The phenomenal growth in profit was due to the fact that 2015 net profit included one off charges of impairment with respect to its investment in subsidiary and voluntary end of services. If this is excluded, the net profit for 2015 would have been OMR115 million. 

According to the preliminary results announced by the company, the group revenue recorded a growth of 2.1 per cent to OMR525.30 million compared with OMR514.30 million in the corresponding period of 2015.

The company’s operating expenses grew by 1.8 per cent to OMR399.40 million for 2016, from OMR392.30 million for the previous year. Earnings before interest, tax, depreciation, and amortization (Ebitda) stood 5.5 per cent higher at OMR262.6 million in 2016, from OMR248.9 million for the previous year.

Omantel said that these results are unaudited and subject to review of the audit committee and approval of the board.

Source :Times Of Oman