Revenue surged 11% YoY in 9M25
Omantel posted a 9M25 revenue of OMR 2,490.9mn, marking an 11% YoY rise. For 3Q25, revenue reached OMR 881.1 mn (+14% YoY and +9% QoQ).
Zain boosts Omantel’s earnings despite domestic headwinds
Omantel reported a 16.1% YoY increase in net profit attributable to shareholders for 9M25, driven predominantly by strong performance from its Zain operations. In contrast, domestic operations recorded an 8.2% YoY decline, primarily reflecting higher operating expenses during the period.
U-Capital view
Omantel delivered robust 9M25 results, with both revenue and net income posting healthy YoY growth, supported mainly by strong performance from Zain operations. The domestic segment, however, experienced softer results over the period. Looking ahead, we expect Zain’s earnings contribution to remain a key growth driver, while the domestic business is likely to benefit from the reduction in royalty rates, which should enhance profitability going forward. We maintain an Accumulate rating on Omantel, with a target price of OMR 1.142/share.