Oman's Nawras posts 11.1% rise in Q3 net profit

Country's No 2 telecom operator reports increase in customer base and revenue
By Reuters
Wed 23 Oct 2013 02:14 PM

Oman's No.2 telecom operator, Nawras, posted an 11.1 percent rise in third-quarter profit on Wednesday as its customer base and revenue increased, marking a turnaround after the firm posted falling profits in the previous six quarters.

The firm, majority-owned by Qatar's Ooredoo, made a net profit of OR8m ($20.8 million) in the three months to September 30, up from OR7.2m in the year-earlier period.

Two analysts polled by Reuters forecast Nawras, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, would make a quarterly profit of between OR7.8-8m.

Third-quarter revenue was OR50.8m, Nawras said in a statement. This compares with OR46.9m a year ago.

The company's customer base rose 10.9 percent to 2.36 million.

Oman is the only Gulf country to have launched mobile virtual network operator (MVNO) services. Omantel hosts MVNOs Friendi and Renna, which have helped it win back customers from Nawras.

Separately, Nawras said it has appointed Greg Young as chief executive with immediate effect on Wednesday, replacing veteran CEO Ross Cormack.

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