Ooredoo Group’s 9-month revenue at QR24bn
30 Oct 2017 - 0:41
The telecom giant Ooredoo’s nine-month revenue stood at QR 24.5bn, driven by strong contributions from Indonesia, Oman, Kuwait, Iraq, and the Maldives. Excluding Foreign Exchange translation impact, revenues would have increased by 2 percent compared to the reported 1 percent revenue increase.
Group EBITDA is stable at QR10.5bn with an increase in EBITDA margin now at 43 percent, indicating an improvement in operational performance from 9M 2016 (42 percent). Excluding Foreign Exchange translation impact, Group EBITDA would have increased by 4 percent year-on-year.
Group net profit to Ooredoo shareholders decreased by 15 percent to QR1.6bn. Excluding foreign exchange impact, net profit attributable to Ooredoo shareholders would have decreased by 8 percent.
Additional government levies in Oman, challenging market conditions in Qatar and unfavourable foreign exchanges rates in Tunisia impacted the Group net profit. Net profit at 9M 2016 benefitted from significant Foreign Exchange gains of QR200m in 2016. However, these temporary gains were reversed in Q4 2016.
Strong data growth from consumer and enterprise customers: data revenue increased to 45 percent of Group revenue. Revenue from data contributed QR11.1bn in 9M 2017.
Customer base reached a milestone of 150 million, representing an increase of 13 percent driven by strong growth in Indonesia,Iraq, Algeria,Tunisia, Oman,Qatar and the Maldives.
Ooredoo continues to be a data leader in its markets with 4G networks now available in 8 of Ooredoo’s 10 markets.
Ooredoo has completed the de-listing process of Ooredoo GDR (Global Depositary Receipt) from the London Stock Exchange, effective from August 31,2017. The primary reason for the delisting is the fact that international investors can now easily trade Ooredoo securities on the Qatar Stock Exchange.
Ooredoo Maldives completed the listing of its shares on the Maldives Stock Exchange on 9 August, 2017. Selling approximately 10 percent of the company shares resulted in IPO proceeds of MVR 421mn (QR100m), making the Ooredoo Maldives IPO the most successful listing in the country.
Commenting on the results, Sheikh Abdulla bin Mohammed bin Saud Al Thani, Chairman of Ooredoo, said: “Ooredoo Group reported good results for the nine months of 2017, with growth in Revenues, EBITDA and customer numbers.”
“We are delighted and very excited to have launched our services in Gaza in October 2017, as part of our efforts to become the leading integrated ICT provider in Palestine. We have worked tirelessly for a long time to launch our servicesin Gaza, and now we have succeeded. We maintain our leadership position and commitment to connecting and developing the citizens of emerging economies where we operate and are very proud to be making good progress in this area,” he added.
Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo said: “Our financial performance has been stable over the course of the past nine months, with a group Revenue of QR24bn and a Group net profit attributable to shareholders of QR1.6bnn. Our strategy to optimize efficiencies across our operations resulted in a 3 percent growth in Group EBITDA to QR10.5bn, and an improved Group EBITDA Margin of 43 percent at 9M 2017.
“We delivered good customer growth across the board, with increases in our customer base in Indonesia and most other markets.
“In our home market in Qatar we continued to grow our customer base and data revenues. In our biggest international operation in Indonesia, we reported positive Revenue and EBITDA as a result of growth in customers and the benefits of our cost efficiencyprogramme. Ooredoo Kuwait and Ooredoo Oman reported higher revenues. Asiacellgained more business in liberated areas, enhancing its market leading position. Ooredoo Algeria’s financial results demonstrated an improved operational performance, while Ooredoo Tunisia grew the business in local currency terms. Ooredoo Myanmar reported its third consecutive quarter of positive EBITDA.”
Ooredoo Qatar continued to maintain clear market leadership through 9M 2017, with customer numbers increasing by 3 percent year-on-year, reaching 3.5 million. Revenue decreased by 2 percent to QR5.9bn and EBITDA stood at QR3.0bn, 3 percent below 9M 2016.
Revenue was impacted by lower revenue from mobile voice services and mega projects, and a drop in roaming revenue during the Eid holiday month. This was partially offset by increased revenue from Ooredoo TV digital entertainment services. Ooredoo Qatar’s Fibre rollout programme passed more than 500,000 homes and has now connected more than 347,000 homes.
The company participated in a number of initiatives designed to show solidarity with the country’s people and leadership during the period, further reinforcing its strong connection with the communities of Qatar.