Omantel Q1 net profit up 34%

Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has announced its unaudited financial results for the first three months of 2019, including the effect of fully-consolidated Zain Group results. Omantel has posted group revenue of OMR628.7 million (USD1.6 billion) for Q1 2019, compared to OMR470.0 million a year earlier, mainly due to the consolidation of Zain’s revenue, while turnover from domestic operations fell 10% year-on-year to OMR130.5 million. Group EBITDA rose by 77% to OMR269.9 million in 1Q19, while net profit grew 34% from OMR45.2 million to OMR60.5 million over the same period. Domestic profit rose 12% y-o-y to OMR19.0 million, on the back of growth in fixed line revenue, improved gross margins and cost optimisation measures.