Omantel brand records one of the highest growth rates during 2015 (+50%)
Omantel brand has seen a remarkable growth that helped the company to maintain its position as Oman's most valuable brand, according to a recent study published by Brand Finance, one of the world's leading intangible assets and brand valuation independent consultancies. Omantel moved 8 positions upwards to become 33rd among the 50 most valuable brands in MENA region.
As per the independent annual survey that was published recently by Gulf Marketing Review, the value of Omantel brand stood at $479m with a growth by more than 50% compared to last year when the brand value was estimated at $319m. The growth rate reflects the improvement in Omantel brand and its ability to be among the top growing brands in the region. Omantel brand also received (AA-) ‘very strong’ rating in terms of brand strength.
The achievement sheds the light on the status of Omantel as a leading brand in the Sultanate; as the leading telecom provider in the Sultanate and the biggest company listed in Muscat Securities Market. It also comes in recognition of the high quality services provided by Omantel to its individual and corporate customers as well as its wide footprint through touching the everyday lives of many people in Oman.
Commenting on the achievement, Talal bin Said al Mamari, CEO Omantel said “We are pleased to have this achievement which proves the company’s leadership not only in the telecom but in business sector in general.”
“This achievement not only reiterates Omantel’s leadership in as a brand, but also gives an indicator about our customer satisfaction and loyalty which played a key role in materializing this achievement”, he added.
“Being the leading brand in Oman puts further responsibility on us to continue improving our services to ensure that our customers are enjoying better experience”, he concluded.
As per Brand Finance, the calculation of the brand value is done by using the Royalty Relief methodology which determines the value a company would be willing to pay to license its brand as if it did not own it. This approach involves estimating the future revenue attributable to a brand and calculating a royalty rate that would be charged for the use of the brand. The monetary value of the brand is calculated in terms of (1) Brand Strength Index, (2) Royalty Rate, and (3) Future Brand Revenues. This method is considered as the most reliable as it is consistent with the tax and judiciary uses as the calculation is carried out by an independent agency. The assessment process is also consistent with the ISO standards.
It should be noted that Omantel brand has received a number of regional and international awards over the past years. Besides maintaining its position as Oman’s most valuable brand, Omantel brand has been selected as the best brand in telecom sector – as per the annual survey conducted by Business Today magazine.