Omantel Group records net profit of RO100 million in first half of 2020

Omantel Group records net profit of RO100 million in first half of 2020

Oman Telecommunications Company SAOG Group (MSM: OTEL), which announced its financial results for the six-month period ended June 30, 2020, has registered a net profit of RO100.5 Million (before non-controlling interests) compared to RO126.5 Million in 2019, a decline of 20.5 per cent.

This decline on the business was mainly driven by a 27 per cent year-on-year (YoY) decline in Group's net profit for the second quarter of 2020 due to the impact of COVID-19 pandemic, predominantly on the core mobile business. The Group recorded relatively stable consolidated revenues reaching RO 1242 Million in first half of 2020 compared to RO 1258 Million in 2019.

Omantel Group achieved these results despite the impacts of COVID-19 pandemic that virtually halted economic activity and travel across the region. Omantel's management priority was to ensure its network was operating at optimal levels to provide vital connectivity to the Omani authorities and community, as demand for mobile and fixed broadband reached historic highs. Furthermore, through its proactive steps and focused strategy, management was able to mitigate the COVID19 impacts through a series of initiatives that included significant investments in digital infrastructure (Enhanced Mobile App, Portal and the Call Centre) which helped in ensuring that