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 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.