Oman Telecommunications Company (Omantel), the Sultanate’s incumbent telecoms operator, has announced its preliminary unaudited financial results for the first half of 2017, reporting revenue of OMR267.7 million (USD692.3 million), a decrease of 0.8% from OMR270.0 million in the year-ago period. EBITDA totalled OMR133.4 million for the six months ended 30 June 2017, down by 4.9% from OMR140.3 million in 1H16, while net profit dropped 38.9% year-on-year to OMR40.8 million. Omantel predominantly attributed the fall in net profit to a rise in royalty rates; effective from 1 January 2017 the Omani government increased the fee payable by telecoms operators from 7% of gross annual revenues to 12%. Omantel paid royalty fees of OMR29.0 million in the first half of this year, compared to OMR17.0 million in the corresponding period of 2016.
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