Oman­tel posts OMR57.4m net profit in 2017

The com­pany’s net profit for the first quar­ter of 2018 was OMR18.1 mil­lion com­pared to OMR23.8 mil­lion in first quar­ter of 2017.

Times of Oman - - MARKE -

TIMES NEWS SER­VICE

MUS­CAT: Telecom­mu­ni­ca­tions com­pany Oman­tel reg­is­tered a net profit of OMR57.4 mil­lion in 2017, the com­pany CEO Talal Ma­mari an­nounced.

Ma­mari added that the com­pany’s net profit for the first quar­ter of 2018 was OMR18.1 mil­lion com­pared to OMR23.8 mil­lion in the first quar­ter of 2017. year, thanks in great part to a stel­lar per­for­mance of broad­band and whole­sale sec­tors. He put the growth from fixed lan­d­line re­tail rev­enues at 3.9 per cent and mo­bile re­tail rev­enues at 2 per cent.

The CEO added that the com­pany was on a fast growth track. He re­marked that he was not con­cerned about the slight dip in the prof­its for the first quar­ter of 2018, as com­pared to the same pe­riod last year.

“We are not too con­cerned about the dip in prof­its as some of the is­sues are sea­sonal. We hope that some of these events are sea­sonal in na­ture. Some as­pects that we have to re­call is the bond is­suance and the course of that trans­ac­tion. a cash in­jec­tion of $849 mil­lion into Zain. Oman­tel now has a ma­jor­ity of board mem­bers, five in all, he added.

Ma­mari ex­pressed con­fi­dence that Zain Group and Oman­tel would per­form bet­ter to­gether, adding that they had set es­ti­mated a syn­ergy of $80 mil­lion in 2019.

“We ad­mit that the in­te­gra­tion has not been full fledged, but that is de­lib­er­ate. It is wise to wait four or five years and de­cide on the na­ture of the in­te­gra­tion. We have to re­alise that it is an in­te­gra­tion across nine mar­kets.

— Pic­ture by Shabin E/ Times of Oman

RAPT AT­TEN­TION: Oman­tel’s earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion (Ebitda) has been re­ported at at OMR152.4 mil­lion.

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