Oman Telecommunications Company Group (MSX: OTEL) reported significant growth for the nine months ended September 2023, with net profit increasing 28.7% from RO 195 million to RO 251 million at the end of September 2023. Group revenue grew 10.6% from RO 1981.5 million to RO 2192.5 million at the end of September 2023.
Omantel’s Domestic Operations Performance
At the level of domestic operations, Omantel's revenues grew by 8.2% to reach RO 458.1 million, compared to the corresponding period. Revenue growth is mainly coming from wholesale transit voice revenue, which increased by RO 17 million, and device revenue, which increased by RO 10.9 million.
Growth in retail revenue is contributed by Mobile Postpaid revenue, which increased by 11.4%, and Fixed Broadband revenues, which increased by 4.4%.
Net profit for the nine months ending September 2023 stands at RO 54.7 million, compared to RO 54.9 million in the previous period. In spite of the aggressive competition in both the Mobile and Fixed segments, net profit is maintained at similar levels compared to last year on account of sustainable revenue growth in Postpaid Mobile revenue, fixed broadband revenue and reductions in finance costs and tax expenses.