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Omantel posts 2.1% rise in revenue for 2016

16 Jan 2017

Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has published its preliminary unaudited results for the year ended 31 December 2016, reporting a 2.1% rise in group revenue to OMR525.3 million (USD1.4 billion) from OMR514.3 million the previous year. EBITDA rose by 5.5% year-on-year to OMR262.6 million, while net profit jumped 140.6% from OMR48.5 million in 2015 to OMR116.7 million the following year. The year-ago figure includes one-off charges of impairment of investment in Pakistani subsidiary Worldcall (WTL) and a Voluntary End of Service (VEoS) programme; excluding these exceptional items, net profit for 2015 would have been OMR115 million.

As previously reported by CommsUpdate, in November last year Omantel accepted an offer for its 56.8% stake in WTL from WorldCall Servies and Ferret Consulting. The value of the deal was not disclosed, and the transaction is subject to regulatory approval from authorities in Pakistan.

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