FSA directs Omantel to revise audited financial reports for 2024

02/10/2025 05:47 AST

The Financial Services Authority (FSA) has issued Administrative Decision No. (25/2025), obligating Oman Telecommunications Company (Omantel) S.A.O.G. to take corrective measures by revising its audited financial statements for the year ended December 2024.

This decision is based on the provisions of Article (58/c) of the Securities Law of Oman promulgated by Royal Decree No. 46/2022.

The decision follows evidence that the company violated the provisions of Article (282/b) of the Executive Regulations of the Capital Market Law, which require compliance with International Financial Reporting Standards (IFRS) when preparing financial statements.

The directives were issued after it became evident to the FSA that the company had failed to apply the IFRS applicable in the Sultanate of Oman, particularly the requirements of International Accounting Standard (IAS 29) 'Financial Reporting in Hyperinflationary Economies' and International Accounting Standard (IAS 21) 'The Effects of Changes in Foreign Exchange Rates'.

Under the decision, the company is required to file a revised version of its audited financial statements after making the necessary adjustments to reflect its true financial position, within a maximum period of two (2) months from the date of the decision.

It is worth noting that the company had filed an appeal against the decision before the Appeals Committee. However, on September 28, 2025, the Committee issued its ruling dismissing the appeal. Accordingly, the company is obliged to implement the directives issued against it.

Times of Oman