Ooredoo Oman, the sultanate’s No 2 telecom operator, reported a 17.8% rise in first-quarter net profit yesterday, its seventh rise in nine quarters. 
The firm, majority-owned by Qatar’s Ooredoo, made a net profit of 12.6mn rials ($32.73mn) in the three months to March 31, it said in a statement. This compares with a profit of 10.7mn rials in the year-earlier period. 
Gulf Baader Capital Markets forecast Ooredoo Oman would make a quarterly profit of 10.9mn rials. 
Ooredoo Oman, which ended Oman Telecommunication Co’s (Omantel) monopoly in 2005, had reported rising profits in six of the preceding eight quarters. 
First-quarter revenue was 66.1mn rials. This compares with 59.3mn rials a year earlier, the statement added. 


Omantel 

Oman Telecommunications (Omantel) reported a 0.6% rise in first-quarter profit yesterday, beating analysts’ estimates amid strong revenues from fixed and mobile broadband services. 
The former monopoly made a net profit of 34.8mn rials in the three months to March 31, it said in a statement. This compares with a profit of 34.6mn rials in the year-earlier period. 
Analysts at EFG Hermes and Gulf Baader Capital Markets had forecast Omantel, which competes with Ooredoo Oman, would make a first-quarter profit of 29.37mn rials and 27.9mn rials respectively. 
Omantel had reported a fourth-quarter loss, after writing off the value of its investment in a subsidiary and contributing cash to an end of service programme, as well as declining profits in three of the four prior quarters. 


National Bank of Oman 

National Bank of Oman, the sultanate’s third-largest lender by assets, posted a 10% rise in first-quarter net profit, according to a bourse statement yesterday. 
The lender made a net profit of 13.9mn rials ($36.1mn) in the three months to March 31, up from 12.6mn rials in the same period last year. 
Two analysts polled by Reuters forecast the firm would make a quarterly net profit of 15.7mn rials and 13.6mn rials, respectively. 
The bank’s earnings were aided by a 10% increase in net interest income to 24.7mn rials. This helped to offset an 8% decline in other forms of income, which fell to 8.4mn rials. 


Saudi Hollandi 
Saudi Hollandi Bank, Saudi Arabia’s oldest lender, posted a 5.1% fall in first-quarter net profit yesterday as income from trading, fees and commissions dipped. 
The lender made a profit of 511.5mn riyals ($136.5mn) in the three months to end-March, down from 538.9mn riyals in the corresponding quarter of 2015, according to a bourse filing. 
Three analysts polled by Reuters had forecast on average Hollandi would make a quarterly profit of 494mn riyals. 
The bank said a decrease in trading income and fee and commission income was partially offset by an 11.4% rise in net special commission income. 
Total operating income for the quarter fell 1.7% to 915.5mn riyals, while profit from special commissions grew to 596.5mn riyals. 


Saudi Kayan 
Saudi Kayan Petrochemical Co reported a smaller net loss in the first quarter on Thursday. 
The company, an affiliate of Saudi Basic Industries Corp (Sabic), made a net loss of 216.3mn riyals ($57.7mn) in the three months to March 31, it said in a bourse statement. 
This compares with a loss of 591.6mn riyals in the same period of 2015. 
The average estimate of three analysts polled by Reuters was for a quarterly loss of 373.8mn riyals. 
The company cited an increase in production and sales volumes, a decrease in the costs of feedstock and other raw materials, as well as lower marketing fees for the reduction in losses. 


Bank Muscat 

Bank Muscat, Oman’s largest lender, posted a 1.1% increase in first-quarter net profit yesterday, according to a bourse statement, on the back of rising income from loans, fees and commission. 
The bank made a profit of 43.8mn rials ($113.8mn) in the three-month period ending March 31, up from 43.3mn rials a year earlier. 
EFG Hermes forecast the bank would make a quarterly profit of 45.24mn rials, while Gulf Baader Capital Markets forecast a profit of 42.80mn rials over the same period.


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