Tribune news network
Doha
Vodafone Qatar has announced its financial results for the three months ended 31 March 2024 with improvement across all key indicators.
Vodafone Qatar continued its growth trajectory in Q1 2024, reporting net profit of QR150 million for the three months ended March 31, 2024, representing an increase of 12.5 percent year-on-year.
Total revenue increased by 3.9 percent year-on-year reaching QR806 million due to sustained growth across various business segments, including fixed broadband services, managed services, Internet of Things (IoT), handsets and others. Service revenue grew by 2.5 percent to QR704 million.
EBITDA for the period increased to QR338 million, reflecting a growth of 5.4 percent year-on-year, positively impacted by higher service revenue and the continued effectiveness in implementing the Company’s cost optimisation programme. Consequently, EBITDA margin expanded by 0.6ppts reaching 41.9 percent.
Vodafone Qatar is now serving 2.1 million mobile customers representing a growth of 1 percent comparing to Q1 last year.
The company achieved a notable return on capital employed (ROCE) of 11.5 percent in Q1 2024 (annualised), reflecting a 0.8ppts increase compared to the previous year. This is the result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth.
