MUSCAT – Omantel, in its disclosure of the Audited Financial Results for the year ended December 31, 2022, stated that the year 2022 saw the completion of key initiatives which helped significantly in deleveraging the balance sheet (Tower sale, REIF and bond buyback) and achieving an optimized capital structure. Net profit for the year includes profit from discontinued operations (Gain on disposal of Towers) of Oman 28 million (net of income tax), dividend income from Zain group of OMR 39.5 million (2021: OMR 52 million) and finance costs with respect to its investment in Zain group of OMR 46.9 million (2021: OMR 51.4 million). Adjusted for the above items, net profit for the year stands at OMR 65.1 million, compared to OMR 73.3 million in year 2021, which represents a decrease of 11.1%.

The decrease in adjusted net profit is primarily attributable to reduction in EBITDA, which in turn is attributed to the reduction in prepaid mobile revenue on account of increased competition in the market. The reduction in prepaid mobile revenue is significantly offset by growth in mobile postpaid revenue and fixed broadband revenues, which increased by 11.2% and 3.3% respectively. This was further supplemented by reduction in operating costs and reduction in impairment provision on receivables.’ During 2022, Zain Group generated consolidated revenue of $5.6 billion, while consolidated net income reached $640 million.