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Omantel Group has demonstrated significant financial growth in 2023, with revenues surging by 9.7% compared to the previous year. Impressively, the Group's net profit saw a notable increase of 13.1% during the same period.

In the recent disclosure of its 2023 financial results, Oman Telecommunications Company Group (MSX: OTEL) showcased its robust performance. Total revenue reached an impressive R.O 2,942.7 million, a substantial increase from R.O 2,682.8 million in 2022.

The surge in net profit is equally noteworthy, rising from R.O 278.9 million in 2022 to R.O 315.5 million in 2023. Particularly notable is the net profit attributable to shareholders of the company, which, after excluding non-controlling interest, amounted to R.O 74.8 million in 2023, compared to R.O 91.3 million in the preceding year.

In terms of Omantel's domestic operations, revenues grew by a commendable 7.3% to reach R.O 606.5 million, buoyed by increases in wholesale transit voice revenue and device revenue. Retail revenue also experienced significant growth, particularly in mobile postpaid and fixed broadband revenues.

However, while the overall picture reflects robust growth, the net profit of domestic operations for 2023 declined to R.O 63.3 million from R.O 85.7 million in the previous period. This decrease is largely attributed to the absence of capital gain from the sale of towers, which was factored into the 2022 net profit. Nevertheless, excluding this gain, the net profit for 2023 reflects a notable 9.7% increase compared to the previous year, driven by stable EBITDA and reduced financial costs.

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