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Nawras... increasing customer base

Nawras Q3 net profit up 36pc on revenue, margins

DUBAI, October 15, 2014

Nawras, Oman's No.2 telecom operator by subscribers, made a net profit of RO10.8 million ($28.1 million) in the three months to September 30 up from RO8 million ($20.7 million) in the year-earlier period, marking a rise of 35.9 per cent.

The firm, majority-owned by Ooredoo, saw an improvement in margins and revenue, while its customer base also increased, according to a statement to Oman's bourse on Wednesday.

Chief executive Greg Young told Reuters in September that Nawras was reaping the rewards of heavy investment in its network over the past few years. It has now reported rising profits in four of the past five quarters, but before that profits fell for seven straight quarters.

Third-quarter revenue was RO57.8 million ($149.6 million), Nawras said. This compares with RO50.8 million ($131.5 million) a year ago.

It quarterly earnings before tax, depreciation, tax and amortisation (EBITDA) were RO31.2 million ($80.7 million), up 27.3 per cent on a year earlier.

Nawras, which ended Oman Telecommunication's (Omantel) monopoly in 2005, had 2.51 million subscribers as of Sept. 30, up 6.5 per cent from a year ago. – Reuters

Tags: Revenue | subscribers | Net Profit | Nawras |

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