Omantel approves cash dividend of 55bz per share

The shareholders of Oman Telecommunications Company (Omantel) at the company's annual ordinary general meeting (AGM) approved the proposal to distribute a cash dividend of 55bz per share to registered shareholders.

Omantel held its AGM on Saturday through the electronic platform of Muscat Clearance and Depository Company. The AGM was chaired by Mulham bin Basheer al-jarf, Chairman of the Board of Directors of Omantel.

Omantel's AGM also approved the consideration of the Board of Directors' report on the company's activities and financial position during the financial year ended December 31, 2023, the company’s Corporate Governance Report, and the auditor's report on the company's audited financial statements for the financial year 2023.

In a press statement, Jarf said, "Omantel continued to successfully implement its strategy 'Shift Gear' despite market challenges and increasing competition. Omantel Group was able to improve its financial performance during 2023, achieving significant growth in both revenues and profits, as the group's revenues were up by 9.7%, while net profit grew by 13.1% compared to 2022.”

"The group continued to grow in the markets in which it operates through the Kuwaiti Zain Mobile Group, achieving outstanding performance in key important markets such as Saudi Arabia, Iraq, Kuwait, and Sudan," he added.

Talal bin Said al Mamari, CEO of Omantel, said, "Omantel was able to deal with market challenges and achieve remarkable performance during 2023. The domestic operations maintained positive growth of 7.2%, reflecting the company’s agility in dealing with competitive market conditions as well as operational challenges. Revenues grew from Ro565.5mn in 2022 to Ro606.5mn in 2023."

Mamari pointed out that the domestic telecom market growth slowed down during 2023 after posting a notable recovery in 2022 from earlier pandemic shocks.