Omantel revenue grows to OMR135m; net profit at OMR34.8m

Muscat: Oman Telecommunications Company (Omantel), the Sultanate’s biggest telecom service provider, on Wednesday said that its group revenue for the first quarter of 2016 grew 4.7 per cent to OMR135.5 million from OMR129.4 million for the same period last year.
The group net profit was OMR34.8 million for the first quarter of this year compared to OMR34.6 million in 2015, an increase of 0.6 per cent, according to a company release.
The net profit is propelled by strong domestic performance, which witnessed an impressive revenue growth of 5 per cent contributed mainly by revenues from Fixed and Mobile broadband services and submarine capacity sales.
Cost of sales increased by 8.4 per cent, while operating expenses recorded a fall of 3.5 per cent compared to the corresponding period.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) stood higher at OMR70.4 million for the first quarter of 2016, against OMR65.1 million for the same period of last year.
The results are preliminary and unaudited and subject to approval of the board. The final results will be released after the approval of the board of directors meeting, which is scheduled on May 12, 2016.