Nawras declares preliminary results for 2011

Nawras' unaudited results for 2011 show that the telco's profits have dropped by 5%
Nawras has declared its financials for 2011, and even though revenues grew, profits were down.
Nawras has declared its financials for 2011, and even though revenues grew, profits were down.

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Nawras has declared its unaudited financial results for 2011 and it seems that profit has marginally dropped for the telco.

The operator’s revenues grew by 1.8% to OMR 50.8 million ($131.95 million) for Q42011, up from OMR 49.9 million ($129.61 million) in Q42010. The full year’s revenues grew by 4.2% to OMR 196.9 million ($511.43 million), compared to OMR 188.9 million ($490.65 million) in 2010. Mobile customer revenues have increased by approximately 3%.

The total net profit for 2011 dipped 5%, from OMR 47.5 million ($123.38 million) compared to OMR 50.0 million (129.87 million) in 2010. Nawras says its net profit was affected by higher depreciation and amortisation charges relating to the build out of the fixed and mobile networks.

Speaking about the results Sayyid Amjad Al Busaidi, chairman of Nawras said: “We invested heavily in creating the physical structure necessary to bring the best of modern telecommunications technology to the people of Oman, wherever they live or work. By the end of the year, we expanded broadband access to the majority of the population – more than 87%; and we connected to our own undersea cable, giving our customers telecoms access to the rest of the world as cost-efficiently as possible.”

Ross Cormack, CEO, Nawras also commented: “[We had a] year-on-year revenue growth of over 4%, despite the highly competitive market environment. Roughly one-quarter of our customers now use mobile broadband regularly, with almost 50% connecting by broadband at least once a month. Total customer numbers declined slightly during 2011 primarily due to regulatory rule changes concerning the counting of prepaid mobile customer base as well as the reduction in the permissible number of SIM cards one person may hold. Nevertheless, Nawras prepaid customers still exceed 1.75 million, and the number of fixed-service customers increased by almost 251 per cent to 27,175.”

Nawras’ board of directors will meet on the 22 February 2012 to review and approve its 2011 audited financials.
 

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