Oman Telecommunications Company Group (MSX: OTEL) reported remarkable growth following the announcement of 2024 financial results, with the Group's revenue (including Zain Group's operations) rising by 3% from R.O 2942.7 million at the end of year 2023 to R.O 3,030.1 million in 2024. Despite the marginal decline in the Group's net profit of 2.8% from R.O 315.5 million in 2023 to R.O 306.8 in 2024, Omantel Group's net profit attributable to the shareholders of the Company (after excluding the non-controlling interest) grew by 4.4% to R.O 78.1 million in 2024 compared to RO 74.8 million in 2023.
Omantel's domestic operations performance:
At the level of domestic operations, Omantel's revenues grew by 2.7% to reach R.O 622.6 million, compared to R.O 606.5 million reported in the same period of 2023. This growth was driven by mobile postpaid segment revenue growth, which increased by 6%, and fixed broadband revenues, which increased by 7% YoY.
The Net Profit of the domestic operations for 2024 stands at RO 69.4 million compared to RO 68.1 million in the previous period, a growth of 1.9%. This growth was driven by positive impact of the settlement of a financial claim related to services provided by Omantel prior to 2020.
Zain Group Performance:
Zain Group's revenues for the year ended 31st December 2024 reached RO 2,466.9 million compared to RO 2,361.4 million in the corresponding period of the previous year, an increase of 4.47%. EBITDA stands at RO 861.4 Mn, compared to the corresponding period EBITDA of RO 871.2 million. Net profit stands at RO 313.9 million compared to RO 359.7 million of the previous period.
Omantel Board of Directors recommended to the Company’s Annual General Meeting that will be held on 27th March 2025 to distribute a cash dividend of 55 Baiza per share for the year ended 31st Dec 2024 (subject to shareholders approval), in addition to allocating R.O 750,000 for community service during the year 2025.
Source: Omantel Press Release