Omantel FY revenue up 45% following Zain stake acquisition

Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has announced its preliminary unaudited financials for full-year 2017, which include the results of Zain Group for the period from 15 November to 31 December 2017, following the acquisition of a controlling stake in the Kuwaiti firm in November last year. Omantel has posted a 44.7% rise in group revenue from OMR519.4 million (USD1.3 billion) in 2016 to OMR751.7 million the following year, mainly due to the consolidation of Zain’s revenue, which contributed OMR219.6 million to the total. EBITDA rose by 60.6% year-on-year to OMR290.8 million, while net profit fell 7.8% from OMR115.8 million to OMR106.8 million over the same period, including OMR35.7 million contributed by Zain Group.