Omantel Group has reported a 3% revenue growth for 2024, with its total revenue, including Zain Group’s operations, increasing from R.O 2,942.7 million in 2023 to R.O 3,030.1 million. However, the Group’s net profit experienced a slight drop of 2.8%, declining from R.O 315.5 million in 2023 to R.O 306.8 million in 2024.
Despite this, Omantel Group’s net profit attributable to its shareholders rose by 4.4%, amounting to R.O 78.1 million compared to R.O 74.8 million in the previous year. This increase reflects the company’s efforts to enhance profitability for its stakeholders.
Growth in Domestic Operations
On the domestic front, Omantel reported a 2.7% revenue growth, reaching R.O 622.6 million compared to R.O 606.5 million in 2023. This growth was driven by an impressive 6% increase in mobile postpaid segment revenue and a 7% year-on-year rise in fixed broadband revenues.
Net profit from domestic operations also saw a slight boost of 1.9%, increasing from R.O 68.1 million in 2023 to R.O 69.4 million in 2024. This improvement was partly attributed to the favourable settlement of a financial claim related to services provided by Omantel before 2020.
Zain Group’s Contribution
Zain Group, a significant contributor to Omantel’s revenue, achieved a revenue increase of 4.47%, reaching R.O 2,466.9 million in 2024 compared to R.O 2,361.4 million the previous year. However, its EBITDA declined slightly from R.O 871.2 million to R.O 861.4 million.
Net profit for Zain Group dropped from R.O 359.7 million in 2023 to R.O 313.9 million in 2024. Despite this setback, the overall revenue growth remains promising for Omantel’s consolidated performance.
Dividend Announcement and Community Support
The Omantel Board of Directors has recommended a cash dividend of 55 Baiza per share for the year ended 31st December 2024, pending approval at the company’s Annual General Meeting on 27th March 2025. Additionally, the Board allocated R.O 750,000 for community service projects in 2025, demonstrating Omantel’s commitment to social responsibility.
