Shares in the Omani telecommunications operator Nawras, one of the few successful public listings to emerge from the Middle East in recent years, show no signs of faltering as investors shift their attention to the sector.
The company's shares advanced for a fifth consecutive day yesterday, rising 1.51 per cent to 738 Omani baisa as investors turned to the reliable telecoms sector as a safe haven amid volatile markets.
There are several growth opportunities for Nawras, Rasmala Investment Bank said in a note to investors yesterday.
The high-speed data market, which allows fast access to the broadband network, is the main driver of growth, the note said. The recently launched fixed-line network and the mobile segment is also expected to help shares in the company.
"If Nawras can capture market share on [the data market] front, we believe it could surpass Omantel, its main rival in terms of revenue growth and profitability per subscriber," the note said.
But Rasmala added the leader in the data market depended on what will be "more aggressive in market differentiation, branding and pricing".
Nawras, 55 per cent controlled by Qatar Telecom and 5 per cent by an Omani pension fund, broke Omantel's monopoly in March 2005.
It has continued to expand its market share and in its first full-year results since its listing on the Muscat Securities Market it reported a 20 per cent jump in net profit, compared with 2009, to 50 million rials last year.
Rasmala yesterday upgraded its recommendation for the company to "buy" from "hold". It boosted its target price to 830 baisa a share, from 770 baisa.
In terms of price to earnings, a method of determining how expensive a stock is in relation to its peers, Nawras is trading at 30 per cent discount, the bank said.
fhalime@thenational.ae
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- Grade 9 = above an A*
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Inter Milan v Juventus
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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