By: Islam Fadl

Mubasher: The financial statements of the two telecom companies listed on Muscat Securities Market (MSM) reported a growth of 3.54% during the third quarter of 2016 as compared to the same period a year ago.

Earnings of both Omantel and Ooredoo Oman stood at OMR 41 million ($106.1 million) in Q3-16 as compared to OMR 39.6 million ($102.5 million) in Q3-15.

During the first nine months of this year, the telecom sector’s profits gained 7.9% to total OMR 132.7 million when compared to OMR 123 million in the same period a year ago.

Omantel ranked the first in profit value by OMR 28.3 million and OMR 95.1 million in Q3-16 and nine months respectively.

Ooredoo Oman was the second in terms of the profit value by OMR 12.7 million in Q3 and OMR 37.6 million in the nine-month period.

Meanwhile, Ooredoo Oman was the first in terms of earnings’ growth rate in both Q3 and nine months by 24.51% and 16.41% respectively.

Omatel registered a decline rate of 3.74% in Q3, while its nine-month profits grew by 4.85%.

Translated by: Ingy ElSafy