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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
15/01/2016
Omani Qatari Telecommunications Company 'Ooredoo' has signed three new financing agreements with local and international banks worth $177 million (RO68 million).
The new funding will be
Trade Arabia
15/01/2016
Ooredoo has signed a deal with Oman Munitions Production Company (OMPC) to provide the high-profile government-owned company with a full suite of advanced business telecommunication solutions.
Trade Arabia
21/07/2015
Ooredoo Oman, the sultanate's No.2 telecom operator, reported a 16.2 per cent rise in second-quarter net profit on Tuesday.
The firm, majority-owned by Qatar's Ooredoo, made a net profit o
Trade Arabia
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
Financial Information Co.
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