Page 22 - SAMENA Trends - Jan-Mar 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

capital management domains. By leveraging Omantel's expertise efficiency and productivity." Through the implementation of Oracle
in telecommunications and CCED's industry prowess, the project cloud solutions, CC Energy Development (CCED) anticipates
aims to drive unprecedented levels of efficiency, innovation, significant enhancements in operational agility, cost optimization,
business transformation, and competitiveness within Oman's oil and resource allocation. CCED ensures compliance with the
and gas sector. Talal Al Mamari, CEO of Omantel, said, "We are Ministry of Energy and Mineral (MEM) data residency regulations,
thrilled to embark on this transformative journey alongside CCED. adhering to the country's sovereignty requirements. The project is
This partnership underscores our commitment to driving digital poised to streamline critical processes, enhance decision-making
innovation and enabling operational excellence in Oman's energy capabilities, and empower CCED to navigate the complexities of
sector. By harnessing the power of cloud technology, we aim to the energy landscape with confidence and foresight. The Omantel-
propel CCED towards greater efficiency, resilience, and success." CCED partnership stands as a testament to the transformative
Walter Simpson, Managing Director of CCED, said, "As a leading potential of collaboration between the telecommunications
player in Oman's oil and gas industry, we recognize the importance and energy sectors. By leveraging synergies and expertise, both
of embracing technological advancements to stay ahead in a rapidly organizations are positioned to chart new territories, redefine
evolving landscape. This collaboration with Omantel will optimize industry standards, and contribute significantly to Oman's socio-
performance and create a leaner operation while improving economic development.

Omantel Group Records 9.7% Rise in 2023 Revenues and an Impressive
Net Profit Growth of 13.1%

Oman Telecommunications Company Group reported a remarkable
growth following the announcement of 2023 financial results, with
the Group's revenue (including Zain Group's operations) rising by
9.7% from R.O 2,682.8 million at the end of year 2022 to R.O 2942.7
million. The Group's net profit grew by 13.1% from R.O 278.9 million
in 2022 to R.O 315.5 million at the end of year 2023. Omantel
Group net profit attributable to shareholders of the Company (after
excluding the non-controlling interest) is R.O 74.8 million in year
2023 compared to RO 91.3 million in 2022.
Omantel's domestic operations performance:
At the level of domestic operations, Omantel's revenues grew by
7.3% to reach R.O 606.5 million, compared to R.O 565.5 million
reported in the same period of 2022, driven by growth in wholesale
transit voice revenue which increased by RO 17.2 million and
device revenue which increased by RO 19.3 million. Growth in retail
revenue is contributed by Mobile Postpaid revenue which increased
by 10.2% and Fixed Broadband revenues which increased by 4.2%.
Net Profit of the domestic operations for the year 2023 stands at
RO 63.3 million compared to RO 85.7 million in the previous period,
a decline of 26.1%. Net profit for the year 2022 included Capital
gain on Sale of Towers for RO 28 million (Net of taxes). Excluding
the Capital gain from the profit for year 2022, the net profit for year
2023 shows an increase of 9.7% compared to the previous year.
This increase was on account of stable EBITDA and a decrease in
Finance costs.
Zain Group Performance:
Zain Group revenues year ended 31st December 2023 reached RO
2,361.4 million compared to RO 2,129 million of the corresponding
period of the previous year, an increase of 10.9%. EBITDA stands at completion of Tower sales during the year in KSA and Iraq helped
RO 871.3 Mn, compared to the corresponding period EBITDA of RO in creating value and efficiencies for Zain Group. Omantel Board of
828.6 million recording an increase of 5.2%. Net profit stands at RO Directors recommended to the Company’s Annual General Meeting
359.7 million compared to RO 276.5 million of the previous period, that will be held on 30th March 2024 to distribute a cash dividend
an increase of 30.1% over the last year. Key operations in Kuwait, of 55 Baiza per share for the year ended 31st Dec 2023 (subject to
Iraq, KSA and Jordan delivered impressive profit growth. The shareholders approval).

22 JANUARY-MARCH 2024