Ooredoo posts RO23mn net profit for 9 months

26/10/2017 09:17 AST

Ooredoo Oman reported a net profit of RO23.1mn for the nine months period ended September 30, 2017. This was 38.6 per cent lower compared with a net profit of RO37.6mn reported for the same period of the previous year.

'Net profit for 2017 is impacted by increase in royalty fee from seven per cent to 12 per cent, increase in income tax rate from 12 per cent to 15 per cent as well as higher depreciation cost due to investment in network modernisation', Ooredoo said in a disclosure filed with the Muscat Securities Market on Wednesday.

The company's revenues for the first nine months of 2017 grew by 1.2 per cent to RO204.3mn compared with RO201.9mn in 2016. The growth in revenues was driven by increases in both mobile and fixed data revenue, the company said.

Commenting on the results, Ian Dench, CEO of Ooredoo Oman, said, "We want our customers to enjoy the Internet. This quarter we started the most significant ever network upgrade in our history. With over 1,000 new 4G locations being added between June 2017 and first quarter of 2018, the upgrade will see our 4G coverage rise from 55 per cent to over 90 per cent of the population.

Our ongoing network upgrades and roll-out of our fibre for both homes and businesses also means that more customers across Oman receive a fantastic customer experience."


Muscat Daily

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