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Satyendra Pathak
Doha
Postpaid, 5G, home broadband, enterprise and bundled solutions should continue to drive future momentum of Vodafone Qatar, QNB Financial Services (QNBFS) has said in its company report.
“Our view on the stock remains unchanged. We continue to like the company’s momentum in the postpaid segment that accounted for 65 percent of total service revenue in 2020 on account of continued growth in the number of subscribers. We continue to rate Vodafone Qatar an ‘accumulate’ with a price target (PT) of QR1.7 per share,” QNBFS said in the report.
“Vodafone Qatar’s net profit jumped 105.2 percent year-on-year (YoY) and 3.1 percent quarter-on-quarter (QoQ) in the second quarter of 2021 and exceeds our estimate. Vodafone Qatar’s net profit of QR68.1 million in the second quarter of 2021 beat our estimate of QR59.7 million by 14 percent,” the report said.
“This is the fourth consecutive quarterly beat for Vodafone Qatar and highlights its continued business momentum. This is also the highest quarterly profit recorded in the company’s history,” it said.
“Quarterly revenue of QR577.6 million gained 8.7 percent YoY but was 1.3 percent lower on a sequential basis. Revenue was in line with our estimate of QR563.1 million and was helped by continued growth in postpaid, fixed broadband and handset sales in the first half of 2021,” the report said.
According to the company’s press release, service revenue increased by 7.8 percent YoY to come in at QR1.1 billion in the first half of 2021. The company reported mobile subscriptions s of 1.714 million, up 3.9 percent YoY.
“Reported EBITDA margin of 41.1 percent in the second quarter of 2021 was an increase of 35.7 percent over the same quarter in 2020 and 40 percent over the first quarter of 2021. Revenue growth exceeded the growth in directs costs, while opex retreated YoY to help drive the improvement in EBITDA margins on a YoY basis. Continued costs optimisation also helped EBITDA on a sequential basis,” it said.
Doha
Postpaid, 5G, home broadband, enterprise and bundled solutions should continue to drive future momentum of Vodafone Qatar, QNB Financial Services (QNBFS) has said in its company report.
“Our view on the stock remains unchanged. We continue to like the company’s momentum in the postpaid segment that accounted for 65 percent of total service revenue in 2020 on account of continued growth in the number of subscribers. We continue to rate Vodafone Qatar an ‘accumulate’ with a price target (PT) of QR1.7 per share,” QNBFS said in the report.
“Vodafone Qatar’s net profit jumped 105.2 percent year-on-year (YoY) and 3.1 percent quarter-on-quarter (QoQ) in the second quarter of 2021 and exceeds our estimate. Vodafone Qatar’s net profit of QR68.1 million in the second quarter of 2021 beat our estimate of QR59.7 million by 14 percent,” the report said.
“This is the fourth consecutive quarterly beat for Vodafone Qatar and highlights its continued business momentum. This is also the highest quarterly profit recorded in the company’s history,” it said.
“Quarterly revenue of QR577.6 million gained 8.7 percent YoY but was 1.3 percent lower on a sequential basis. Revenue was in line with our estimate of QR563.1 million and was helped by continued growth in postpaid, fixed broadband and handset sales in the first half of 2021,” the report said.
According to the company’s press release, service revenue increased by 7.8 percent YoY to come in at QR1.1 billion in the first half of 2021. The company reported mobile subscriptions s of 1.714 million, up 3.9 percent YoY.
“Reported EBITDA margin of 41.1 percent in the second quarter of 2021 was an increase of 35.7 percent over the same quarter in 2020 and 40 percent over the first quarter of 2021. Revenue growth exceeded the growth in directs costs, while opex retreated YoY to help drive the improvement in EBITDA margins on a YoY basis. Continued costs optimisation also helped EBITDA on a sequential basis,” it said.
