Muscat: The Financial Services Authority (FSA) issued Administrative Decision No. (25/2025), urging Oman Telecommunications Company (Omantel) to restate its audited financial statements for the fiscal year ending December 2024.

The FSA said the measure follows findings that Omantel’s financial reporting did not fully comply with International Financial Reporting Standards (IFRS) adopted in the Sultanate of Oman. The decision was issued under the provisions of the Capital Market Law promulgated by Royal Decree No. 58/2022 and the Executive Regulations.

According to the FSA, the non-compliance relates in particular to IFRS standards IAS 29 concerning financial reporting in hyperinflationary economies and IAS 21 regarding the effects of changes in foreign exchange rates. The company is required to submit revised audited financial statements reflecting its true financial position within two months from the date of the decision.

The FSA affirmed that Omantel retains the right to file an appeal before the authority’s Grievances Committee within the statutory period. However, the decision remains effective unless and until overturned by the committee.

The authority underlined that the action is part of its efforts to reinforce transparency, enhance the level of disclosure among listed companies and protect investor interests, thereby supporting the stability and integrity of Oman’s capital market.

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