Telecoms

Surge in connected devices spurs Omantel revenue growth

April 25, 2025, 4:40 PM

Omantel revenues rose as the number of 'Internet of Things' smart home devices increased

Omantel revenue up to OR920m
‘Internet of Things’ growing
Mobile subscriptions up

Omantel, Oman’s largest telecommunications provider, reported a rise in revenue and profitability last year, helped by a strong surge in “Internet of Things” (IoT) subscriptions

Revenue at the state-controlled telco rose 4 percent year on year in 2024 to OR920 million ($2.4 billion), driven by strong performance across its business lines.

The company recorded significant growth in IoT subscriptions, fibre broadband access and increased public and private investments, Oman Observer reported, citing data from the Telecom Regulatory Authority.

IoT subscriptions are devices that are permanently connected to a network and operate autonomously. Examples could be smart home devices connected to mobile apps, or factory or farm equipment connected and monitored by a central computer program. They reached 1.1 million last year, a 72 percent jump from the previous year.

In the past five years, the sultanate has added 908,000 IoT connections. This demonstrates the increasing adoption of machine-to-machine communications across various sectors such as utilities and logistics, the newspaper said.

Mobile subscriptions increased by 7 percent annually to 7.5 million. In comparison, fixed broadband subscriptions experienced a more modest rise of 2 percent.

The number of fixed broadband units grew by 14 percent, reaching a total of 741,000. Additionally, there was a 12 percent increase in fibre optic links year-on-year.

Residential fibre coverage rose to 90 percent of housing units last year, from 85 percent in the previous year.Omantel was founded in 1987 and is majority owned by the state sovereign wealth fund Oman Investment Authority. The shares, which are listed on the Muscat Securities Exchange, closed at OR0.814 on Thursday, down 13 percent in the year to date.