Oman Telecommunications Company Group, commonly known as Omantel, has recently announced its financial results for the year 2024, showcasing impressive growth in revenue and operations. The Group’s revenue, which includes the operations of Zain Group, saw a 3% increase from R.O 2942.7 million in 2023 to R.O 3,030.1 million in 2024. Despite a slight decrease in net profit by 2.8%, Omantel Group’s net profit attributable to the shareholders of the Company grew by 4.4% to R.O 78.1 million in 2024.
Omantel’s domestic operations played a significant role in driving this growth, with revenues increasing by 2.7% to R.O 622.6 million in 2024. This growth was fueled by a 6% increase in mobile postpaid segment revenue and a 7% increase in fixed broadband revenues year-over-year. The net profit of the domestic operations also saw a positive trend, reaching R.O 69.4 million in 2024 compared to R.O 68.1 million in the previous period, marking a growth of 1.9%.
On the other hand, Zain Group, a key component of Omantel’s operations, reported revenues of R.O 2,466.9 million in 2024, a 4.47% increase from the previous year. Despite this growth, the EBITDA for Zain Group stood at R.O 861.4 million, slightly lower than the corresponding period’s EBITDA of R.O 871.2 million. The net profit for Zain Group in 2024 was R.O 313.9 million, down from R.O 359.7 million in the previous period.
Looking ahead, Omantel’s Board of Directors has recommended a cash dividend of 55 Baiza per share for the year ended 31st December 2024, subject to shareholder approval. Additionally, the Board proposed allocating R.O 750,000 for community service during the year 2025, showcasing Omantel’s commitment to giving back to the community.
Overall, Omantel Group’s performance in 2024 reflects a steady growth trajectory, driven by both domestic operations and the contributions of Zain Group. With a focus on enhancing services, expanding reach, and fostering community engagement, Omantel continues to solidify its position as a leading telecommunications company in Oman and beyond.
