Omantel Group’s Revenues Grow by 9.7 Percent to RO 2.94 Billion in 2023

Muscat: Omantel Group's revenues (including Zain Group operations) posted a rise of 9.7 percent to RO 2,942.7 million in 2023. The group's net profits grew by 13.1 percent to RO 315.5 million. Omantel shareholders' net profits (after excluding minority shares) stood at RO 74.8 million, compared to RO 91.3 million in the year 2022. At the level of local operations, Omantel's revenues (not including Zain Group's revenues) grew by 7.3 percent to RO 606.5 million, compared to RO 565.5 million during the corresponding period in 2022. The upward trend is driven by growth in the company's wholesale business revenues (up by RO 17.2 million) and hardware sales revenues (up by RO 19.3 million). However, the company's net profit of local operations in 2023 went down by 26.1 percent to about RO 63.3 million, compared to RO 85.7 million in 2022. Omantel Board of Directors recommended to the Company's Annual General Meeting that will be held on 30 March 2024 to distribute a cash dividend of 55 Baiza per share for the year ended 31st December 2023 (subject to shareholders approval). Source: Oman News Agency