FSA Directs Omantel to Restate 2024 Audited Financial Statements: What This Means for Investors and Business Confidence in Oman
Muscat: The Financial Services Authority (FSA) has issued Administrative Decision No. (25/2025), directing Oman Telecommunications Company (Omantel) to restate its audited financial statements for the fiscal year ending December 2024.
This directive follows findings that Omantel’s financial reporting did not fully comply with the International Financial Reporting Standards (IFRS) adopted in Oman. The decision, issued under the Capital Market Law (Royal Decree No. 58/2022) and its Executive Regulations, specifically cites non-compliance with IFRS standards IAS 29, related to financial reporting in hyperinflationary economies, and IAS 21, concerning the effects of changes in foreign exchange rates.
Omantel is required to submit revised audited financial statements that accurately reflect its financial position within two months from the date of the decision. While the company retains the right to appeal to the FSA’s Grievances Committee within the legal timeframe, the decision remains effective unless overturned by the committee.
The FSA emphasized that this action is part of its commitment to enhancing transparency, improving disclosure standards among listed companies, and protecting investors. These measures aim to support the stability and integrity of Oman’s capital market.
Special Analysis by Omanet | Navigate Oman’s Market
The FSA’s directive for Omantel to restate its financials signals heightened regulatory scrutiny and a drive for greater transparency in Oman’s capital markets. For businesses, this underscores the critical need for stringent compliance with IFRS standards to maintain investor confidence. Smart investors and entrepreneurs should now prioritize transparency and regulatory adherence when evaluating market opportunities, as regulatory enforcement is intensifying.
