Omantel revenue up 1.7% for Q3 2014

Incumbent Omani operator's quarterly results in line with analyst expectations

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Omantel revenue up 1.7% for Q3 2014 The Omani government owns 70% of Omantel
By  Tom Paye Published  November 10, 2014

In preliminary financial results for the first nine months of 2014, Oman Telecommunications Company (Omantel) reported revenue of OMR 357.6m ($925.8m), an increase of 1.7% from the year-ago period.

The incumbent telecoms operator, which now competes with Ooredoo unit Nawras, largely met analyst expectations with its earnings report, according to Reuters. Net profit for the third quarter reached OMR 30m ($77.9m), up from OMR 29.1 in the year-earlier quarter.

According to Reuters calculations, this meant that third-quarter revenue of OMR 119m, compared with OMR 112.3 in the year-ago quarter.

Reuters reported that analysts forecast Omantel would earn between OMR 30.15m and OMR 30.85m in the third quarter of 2014.

Omantel was once the sole telecoms operator in Oman, but has been competing with Ooredoo-owned Nawras since 2004. The Omani government owns 70% of Omantel, which itself owns a controlling stake in Pakistan's Worldcall.

Omantel also hosts two mobile virtual network operators (MVNOs) - Friendi and Renna.

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