Zain consolidation boosts Omantel FY 2018 results

Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has announced its preliminary unaudited financials for the year ended 31 December 2018. The figures include fully-consolidated Zain Group results, while prior-year financials include only the results of Zain Group from 15 November 2017 to 31 December 2017. Omantel has posted group revenue of OMR2.2 billion (USD5.6 billion) for full-year 2018, compared to OMR751.7 million a year earlier, mainly due to the consolidation of Zain’s revenue. EBITDA rose by 194% year-on-year to OMR854.6 million, while net profit grew 109% from OMR99.8 million to OMR208.9 million over the same period.