Omantel posts 8.4% rise in H1 revenue

Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has announced its preliminary unaudited financial results for first half of 2022. The group reported revenue of OMR1.294 billion (USD3.35 billion), an increase of 8.4% from OMR1.194 billion a year earlier, as domestic turnover rose 4.2% to OMR276.8 million. Group EBITDA grew 1.5% year-on-year to OMR487.1 million in H2 2022, while group net profit jumped 18.4% from OMR108.6 million in the first half of 2021 to OMR128.6 million a year later. Domestic net profit rose 3.3% year-on-year to OMR37.3 million, mainly due to sustainable revenue growth in post-paid mobile revenue (up 11.7%) and fixed broadband revenue (2.1%), as well as cost optimisation measures, reduction in impairment provision against receivables and depreciation.