Oman Telecommunications Company (Omantel) on Tuesday said that the company got board approval to distribute interim dividend of 20 per cent of the share nominal value for the financial year 2017. The dividends will be paid to its shareholders as of the end of August 31. The company in its MSM filing said its board also approved unaudited financial results for the period ended June 30.
For the first half of year, the company posted a net profit of 66.80 million rials.
The fall in net profit is predominantly attributed to the increase in royalty rates effective from January 1, 2017. The increase in royalty expenses was 12 million rials in 2017, Omantel said.
Royalty paid by the company was higher at 29 million rials, against 17 million rials. The company’s total revenue stood slightly lower at 267.7 million rials.