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Omantel reports 5% rise in FY09 net profit

10 Feb 2010

Oman’s incumbent fixed line operator Oman Telecommunications Company (Omantel) has announced that its net profit for the twelve months ended 31 December 2009 rose 5% year-on-year to OMR125.2 million (USD323.9 million). The company did not give a quarterly breakdown of its results, but Reuters calculated 4Q09 net profit at OMR19.4 million based on previous financial statements, up from OMR9.7 million in the same quarter a year earlier. The telco said that net income after tax climbed to OMR125 million during 2009 from OMR119 million, while sales rose by less than 1% to OMR412 million due to increased competition. Omantel said in November last year that it expects to make savings of about OMR2.8 million from voluntary redundancies it offered in 2009 in a move to reduce costs and make savings starting 2010 onwards. According to TeleGeography’s GlobalComms Database, Omantel is 70%-owned by the state, with the remaining 30% held by private investors. In January 2010 the government revealed it may revive its plan to sell a 30% stake in the incumbent during the year, after a previous sale plan was scrapped due to the global financial crisis.

Oman, Oman Telecommunications Company (Omantel)

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