Oman Telecommunications Company S.A.O.G (Omantel. MSM: OTEL), is pleased to announce preliminary unaudited financial results for the Year ended 31st December 2017. Following the acquisition of a controlling stake in Mobile Telecommunications Company K.S.C.P (Zain group) the Group results include Zain Group results for the period from 15 November 2017 to 31 December 2017.

 

Group revenue recorded an increase of 44.7% and reached RO 751.7 Mn compared to RO 519.3 Mn of the corresponding period of 2016. The increase is mainly on account of the consolidation of Zain’s revenue, which contributed RO 219.6 Mn to the total revenue.

 

The group achieved an after tax Net Profit of RO 106.8 Mn (RO 79.7 Mn net off non-controlling interests) compared to RO 115.78 Mn in 2016 (RO 116.7 Mn net off non-controlling interests), a decrease of 7.8%.  Group net profit for year 2017 includes RO 35.7 Mn contributed by Zain Group.  After adjusting for the minority interest, Zain group contributed profit of RO 7.6 Mn to the Group profit.

 

Financial Highlights:

 

Omantel Group
In RO Mn	Year to Date
	2017	2016	In Fig	In %
Revenue	751.7	519.4	232.4	44.7%
EBITDA	290.8	230.2	60.6	26.3%
Net Profit	106.8	115.8	(9.0)	(7.8%)
Attributable to:
Equity holders of the parent	79.7	116.7
Non-controlling interest	27.1	(0.9)
Net Profit %	14.2%	22.3%

 

 

 

The above results are unaudited and subject to review of the Audit committee & approval of the Board.  The final results will be released after the approval.