In 2024, the Group achieved stable growth, with revenue increasing by 3% to RO 3,030.1 Mn., up from RO 2,942.7 Mn. in 2023. This growth was primarily driven by Zain Group’s contribution of RO 2,466.9 Mn., alongside strong performances across all operational markets. Oman remained a key driver, with a 2.7% year-over-year increase, while markets like Iraq, Bahrain, Jordan, KSA, and Kuwait also delivered solid revenue growth of 11%, 7%, 6%, 5%, and 4%, respectively. Net profit after tax stood at RO 306.8 Mn., reflecting a 2.8% decline compared to 2023, primarily due to challenges in Sudan and the absence of one-time gains from the prior year. However, net profit attributable to shareholders grew by 4.4% to RO 78.1 Mn., and earnings per share (EPS) increased to RO 0.104, up from RO 0.100 in 2023. Zain Board has recommended a final dividend of 35 fils per share. The Board recommended extending its 35 fils per share dividend policy for three more years covering 2026–2028.

Domestic Performance

At home, Omantel continued to demonstrate steady growth, with revenues reaching RO 622.6 Mn., a 2.7% increase from 2023. This was driven by a 6% rise in Mobile Postpaid revenue and a 7% growth in Fixed Broadband revenues, supported by contributions from subsidiaries like Oman Data Park and Future Cities (Tadoom). Our domestic subscriber base expanded significantly, with total mobile subscribers reaching 3.96 Mn. by the end of 2024, up from 3.62 Mn. in 2023. We maintained a strong market presence, holding a 40.2% share of the mobile market and a 54.4% share of the fixed broadband market. In line with our commitment to delivering shareholder value, the Board of Directors has recommended a final dividend distribution of 55 baiza per share, subject to shareholder approval. As we concluded our Shift Gear strategy in 2024, we celebrated significant progress in accelerating AI-driven solutions, cloud monetization, and enterprise digital transformation. These achievements have laid the foundation for our next strategic phase, Portal to the Future (2025-2030), where technology will remain the driving force behind our growth. Together, we will continue to shape the future, drive innovation, and foster growth that benefits all. At Omantel, we don’t just imagine the future we bring it to life, transforming bold ideas into tangible solutions that empower individuals, businesses, and communities across Oman and beyond.

Gratitude and Recognition

On behalf of Omantel Group, we extend our deepest gratitude to His Majesty Sultan Haitham bin Tariq for his visionary leadership. We pray to Almighty Allah to grant His Majesty long life, health, and strength, so Oman may continue to prosper and thrive.

Yours sincerely,

Talal Al Mamari

Chief Executive Officer

CEO’s Message