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Omantel's net profits down 12% in 9M

Omantel's net profits down 12% in 9M
The company's revenues decreased by 1.81%
Omantel
OTEL
1.06% 0.76 0.01

Mubasher: Oman Telecommunications (Omantel) reported an 11.95% decline in its net profits attributable to the shareholders to OMR 46.4 million ($120.13 million) during the first nine months of 2020 from OMR 52.7 million ($136.44 million) in the same period of 2019.

The company's revenues decreased by 1.81% to OMR 1.86 billion in the January-September period of 2020, compared to around OMR 1.89 billion in the year-ago period, according to the company's unaudited financial results for the period ended on 30 September 2020.

During the third quarter (Q3) of 2020, the company's net profits rose by 14.87% to OMR 22.4 million from OMR 19.5 million in the corresponding period of 2020.

It is noteworthy to mention that in the first half (H1) of 2020, the company reported OMR 24 million net profits, down 28% from OMR 33.2 million in the corresponding half of 2019.