Omantel’s 2018 group profit rises to RO209mn

Omantel’s group income for the year 2018 jumped to RO2.18bn from RO751.7mn in the prior year, according to the company’s unaudited monetary outcome submitted to the Muscat Securities Market.

The group final results for the year ended December 2018 consist of totally consolidated Zain Group final results, whilst the year 2017 consolidated final results incorporated only the final results of Zain Group from November 2017 to December 2017.

Net profit of Omantel Group (excluding Zain Group) improved 4 per cent to RO75.5mn for the year ended December 31, 2018 from RO72.6mn in the prior year. Omantel Group (excluding Zain Group) posted total income of RO546mn for 2018 compared to RO532.2mn in 2017, an improve of two.six per cent.

The business stated net profit of Omantel Group (excluding Zain Group) for 2018 contains interest expense of RO56.3mn relating to Zain acquisition and dividend revenue of RO42.6mn from Zain Group.

Information Source: Muscat Daily