Tribune news network
Doha
Ooredoo on Tuesday announced its financial results for the quarter ended March 31, 2024.
Commenting on the results, Sheikh Faisal bin Thani Al Thani, Chairman of Ooredoo, said: “Ooredoo commenced the first quarter of 2024 on a strong note, delivering revenue of QAR 5.9 billion, up by 4 percent with an increase in normalized net profit of 26 percent. This performance is supported by our commitment to excellence across our global footprint with the delivery of best-in-class connectivity and exceptional customer experience.
“We are pleased to report that the recommendation by the Board of Directors to distribute a cash dividend of QR0.55 per share was approved by our shareholders during the AGM held on 6 March 2024.
Looking ahead, Ooredoo will continue to deliver lasting value for our stakeholders through operational efficiencies and key strategic initiatives. Our clear strategy, seasoned leadership, and advanced networks, positions us as an industry leader.”
Also commenting on the results, Aziz Aluthman Fakhroo, CEO of Ooredoo Group said:
“Ooredoo made a strong start to the year, achieving solid financial KPIs with continued customer growth.
Revenue increased by 4 percent to QAR 5.9 billion. The solid topline growth and implementation of cost control measures led to the delivery of operating leverage, boosting profitability and efficiency; EBITDA expanded by 6 percent to QAR 2.5 billion with a healthy EBITDA margin of 43 percent, expanding by 1pp.
The Group’s performance for the quarter was backed by the strong operational performance in Iraq, Algeria, Maldives, and Tunisia.
Ooredoo delivered a healthy normalized Net Profit of QAR 1.0 billion, up by 26 percent and normalized FCF generation of QR2.2 billion, up by 11 percent.
Ooredoo is progressing well against its strategic priorities; in our fintech operation, we are pleased to announce that in Oman, we have been granted a Payment Service Provider license on 28 April 2024.
The strong results achieved in the first quarter is thanks to the Ooredoo teams’ diligent efforts and steadfast dedication to enhancing efficiency and profitability.
Looking ahead, Ooredoo aims to build on its successful transformation to drive new revenue sources and sustain its strong financial position, delivering greater value and returns for our stakeholders, as we evolve toward becoming the leading digital infrastructure provider in the region.”
