03 May 2012
MUSCAT -- Oman Telecommunications Company SAOG (Omantel), the Sultanate's leading telecom company, has announced yesterday its preliminary financial results showing an increase in the net profit after tax by 13 per cent to RO 29.1 million for the quarter ended March 31, 2012, despite having a marginal decrease in the revenue by 0.4 per cent to RO 111.1 million, from RO 111.5 million in the corresponding period of 2011.
The slight decline in the revenue figures is mainly attributed to the one-off revenue of RO 9.046 million for the capacity sale which happened in Q1 2011. Excluding this one-off revenue of last year, the group revenue for this year's quarter recorded a growth of 8.4 per cent.
The increase is mainly driven by impressive growth of domestic mobile retail revenues by 10 per cent.
Omantel's subscriber base witnessed an impressive growth both in the domestic and group levels.
The company witnessed an increase in the total group customer base (including Worldcall subscribers) by 11 per cent to 3.627 million as of March 31, 2012 compared to 3.258 million on the corresponding period of 2011. Excluding Worldcall subscribers, Omantel's domestic subscriber base witnessed a remarkable growth of 13 per cent as of 31st March 2012 reaching 2.693 million mainly contributed by its mobile business.
Omantel Mobile continued to lead the market with a significant growth in the Company's mobile network's market share to 60 per cent, making Omantel Mobile again the fastest growing mobile operator in the Sultanate for the sixth quarter in a row.
The total operating expenses decreased by 3.6 per cent to RO 79.6 million compared to RO 82.6 million for the corresponding period of year 2011. The major reasons for decrease in operating expenses are reduction in cost related to submarine capacity sale of RO 7.1 million incurred in Q1 2011.
Commenting on these remarkable results, Omantel's Chief Executive Officer, Dr Amer Awadh al Rawas said: "We are proud to see our Company making this impressive growth despite the challenging market conditions and increased competition in the domestic market."
Dr Amer further noted: "This growth is principally attributed to the growth of domestic mobile retail revenues by 10 per cent as we continued to lead the market and grow our mobile network market share from 54.7 per cent (Q1 2011) to 60 per cent (Q1 2012) notwithstanding the increased competition in the mobile arena."
"We are gaining the fruits of having a strategy and operating model that is customer-centric and are very much delighted that all our businesses have contributed in making this success. I would like to thank our loyal customers, visionary Board, committed employees and supportive shareholders who have always been part and in support of Omantel's journey of transformation," Dr Al Rawas concluded.
Omantel said that these results are preliminary and unaudited and are subject to the Audit Committee Board of Directors approval in its next meeting which will be held within the statutory period set by Capital Market Authority (CMA).
MUSCAT -- Oman Telecommunications Company SAOG (Omantel), the Sultanate's leading telecom company, has announced yesterday its preliminary financial results showing an increase in the net profit after tax by 13 per cent to RO 29.1 million for the quarter ended March 31, 2012, despite having a marginal decrease in the revenue by 0.4 per cent to RO 111.1 million, from RO 111.5 million in the corresponding period of 2011.
The slight decline in the revenue figures is mainly attributed to the one-off revenue of RO 9.046 million for the capacity sale which happened in Q1 2011. Excluding this one-off revenue of last year, the group revenue for this year's quarter recorded a growth of 8.4 per cent.
The increase is mainly driven by impressive growth of domestic mobile retail revenues by 10 per cent.
Omantel's subscriber base witnessed an impressive growth both in the domestic and group levels.
The company witnessed an increase in the total group customer base (including Worldcall subscribers) by 11 per cent to 3.627 million as of March 31, 2012 compared to 3.258 million on the corresponding period of 2011. Excluding Worldcall subscribers, Omantel's domestic subscriber base witnessed a remarkable growth of 13 per cent as of 31st March 2012 reaching 2.693 million mainly contributed by its mobile business.
Omantel Mobile continued to lead the market with a significant growth in the Company's mobile network's market share to 60 per cent, making Omantel Mobile again the fastest growing mobile operator in the Sultanate for the sixth quarter in a row.
The total operating expenses decreased by 3.6 per cent to RO 79.6 million compared to RO 82.6 million for the corresponding period of year 2011. The major reasons for decrease in operating expenses are reduction in cost related to submarine capacity sale of RO 7.1 million incurred in Q1 2011.
Commenting on these remarkable results, Omantel's Chief Executive Officer, Dr Amer Awadh al Rawas said: "We are proud to see our Company making this impressive growth despite the challenging market conditions and increased competition in the domestic market."
Dr Amer further noted: "This growth is principally attributed to the growth of domestic mobile retail revenues by 10 per cent as we continued to lead the market and grow our mobile network market share from 54.7 per cent (Q1 2011) to 60 per cent (Q1 2012) notwithstanding the increased competition in the mobile arena."
"We are gaining the fruits of having a strategy and operating model that is customer-centric and are very much delighted that all our businesses have contributed in making this success. I would like to thank our loyal customers, visionary Board, committed employees and supportive shareholders who have always been part and in support of Omantel's journey of transformation," Dr Al Rawas concluded.
Omantel said that these results are preliminary and unaudited and are subject to the Audit Committee Board of Directors approval in its next meeting which will be held within the statutory period set by Capital Market Authority (CMA).
© Oman Daily Observer 2012
