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Ooredoo revenue increases 3% to QR14.5 bn in 2021 H1

Ooredoo revenue increases 3% to QR14.5 bn in 2021 H1

Tribune News Network
Doha
Qatar’s telecom major Ooredoo on Wednesday announced that the Group’s revenue stood at QR14.5 billion in the first half of 2021, an increase of 3 percent compared to the same period last year.
The revenue was mainly driven by growth in the company’s home market Qatar, Indonesia, and Tunisia. Excluding FX impact, revenue increased by 5 percent.
Group EBITDA for the first half of 2021 was QR6.4 billion with a corresponding EBITDA margin of 44 percent, driven by growth in Indonesia, Qatar, Kuwait, Tunisia, and Algeria.
The EBITDA growth rate stood at 7 percent and at 10 percent excluding FX impact.
The company’s consolidated customer base increased by 1 percent due to growth in Indonesia, Oman and Iraq, offsetting the decline in other markets.
The Group’s net profit attributable to shareholders turned negative due to impairments (QR2,341 million, mainly from Ooredoo Myanmar) partially offset by profit from the sale and leaseback of Indosat Ooredoo’s tower assets (QR 1,000 million).
Excluding these one-offs and FX impact, net profit increased by
52 percent.
Commenting on the results, Ooredoo Chairman Sheikh Faisal bin Thani Al Thani said, “We had a good first half of the year, with revenue increase of 3 percent as we further progressed our digital strategy, whilst effectively managing our costs and overheads to support the growth of our business across our various markets. Consequently, our EBITDA margin improved to 44 percent, up from 42 percent for the first half of 2020, despite the challenges presented to us due to COVID-19.”
“Our response to the pandemic and our robust strategy enabled us to report solid operational and financial performance. The confidence of our customers resulted in an increase of our customer base by an additional one percent. We continue to focus on providing reliable connectivity and innovative products to our customers and are proud to be leading in this space,” Sheikh Faisal said.
Commenting on the results, Ooredoo Managing Director Aziz Aluthman Fakhroo said, “The positive trend in 2021 is even stronger excluding the FX impact with revenue growth of 5 percent and EBITDA growth of 10 percent. Our Net Profit was impacted by an impairment of the operation in Myanmar due to the uncertain political environment. The loss was partially offset by gains from the Indonesian tower sale and leaseback. Excluding these one-offs and the FX impact, net profit increased by 52 percent.”
“In Qatar, our home market, we recorded a strong performance with 5 percent growth in terms of revenue of as well as 2 percent rise in EBITDA. Indosat Ooredoo continues to deliver robust results across the board, contributing significantly towards Group growth, with a 14 percent increase in revenue and an improved EBITDA margin of 50 percent,” Fakhroo said.
“Cost control and efficiency measures resulted in a 13 percent improvement in EBITDA for Ooredoo Kuwait and 8 percent for Ooredoo Algeria. We recorded 8 2 percent more customers for Ooredoo Oman and 9 2 percent more customers for Asiacell, Iraq. Ooredoo Tunisia recorded positive trends for revenue with an increase of 8 percent. Looking ahead, we remain optimistic about Ooredoo Group’s growth potential and we believe that we have made the right investments to continue delivering long term value for our shareholders, customers and countries in which we operate,” he said. (See also page 9)

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