Mubasher: Oman Telecommunications (Omantel) posted 109.32% profit hike in 2018, according to the company's first annual financial results after its merger with Kuwait’s Mobile Telecommunications (Zain).

The Muscat-listed firm said its profits increased to OMR 208.9 million ($541.06 million) in 2018 from OMR 99.8 million ($258.49 million) in the prior year.

Meanwhile, revenues leapt 190.81% to OMR 2.186 billion last year, compared to OMR 751.7 million in 2017.

As for the fourth quarter of 2018, Omantel’s profits fell 30.9% year-on-year to OMR 24.6 million, from OMR 35.6 million in the year-ago period.