Omantel Group’s H1 revenue climbs to $3.35bln

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Muscat - Majority state-owned Omantel’s Group Revenue for the period ended June 2022 has reached RO 1,294.6 million compared to RO 1,194.1 million for the corresponding period 2021. The Group revenue includes the acquired business of Zain Group, which contributed revenues of RO 1,022m.

The Group’s total Operating expenses increased to RO 1,083.2m compared to RO 1,007.6m for the corresponding period 2021, an increase of 7.5 per cent. The Group’s Net Profit after tax has grown by 18.4 per cent touching RO 128.6m compared to RO 108.6m in 2021. After adjusting for minority interest the net profit for the period is RO 34.6m compared to RO 32.4m in 2021, an increase of 6.8 per cent.

On the domestic front, Omantel revenues reached RO 276.8 million compared to RO 265.7 million for the corresponding period 2021. Revenues growth mainly achieved in Mobile Postpaid and Fixed Broadband revenues.

Net Profit for the six months ended June 2022 stands at RO 37.3m compared to RO 36.1m in the previous period. Increase in Net profit is predominantly on account of sustainable revenue growth in Postpaid Mobile revenue (11.7 per cent) and Fixed Broad band revenue (2.1 per cent), cost optimisation measures, reduction in impairment provision against receivables (contributed by healthy collections) and depreciation.

The total domestic subscriber base as of June 2022 (including mobile and fixed businesses) was 3.166m (excluding Mobile Resellers) compared to 3.215m of the corresponding period of the previous year, a decline of 1.5 per cent over the last period. Total subscriber base with mobile resellers reached 3.719m compared to 3.8m last year.

Subsidiary company Zain Group revenues reached RO 1,022.4m as of June 2022 compared to the corresponding period revenues of RO 932.4m. EBITDA stands at RO 394.5m, compared to the corresponding period EBITDA of RO 385.4m recording a decline of 2.3 per cent. Net profit stands at RO 135.4m compared to RO 115.3m of the previous period. The total customer base of Zain Group increased by 7 per cent to 52m compared to 48m of the previous period.

Omantel’s Mobile market share (including Mobile Resellers) is 50.4 per cent with a revenue share of 58.6 per cent. The Fixed Telephone (post & pre-paid) market share is 71.1 per cent with a revenue market share of 80.3 per cent.