April 28, 2022

Ooredoo Group profits surge 241% to $181m

categories : telecom

Ooredoo Group, an international telecommunications company operating across the Middle East, North Africa, and Southeast Asia, today reported a 241% increase in net profit to QAR659 million ($181 million) for the quarter ended March 31, 2022.

The net profit jump was due to improved operational performances across all the Opcos and fewer forex losses in Myanmar. Excluding FX impact net profit increased by 48%, the company said.

The company reported a revenue of QAR5.5 billion for the quarter, a decrease of 23% compared to the same period last year.

Excluding Indosat Ooredoo, revenues increased by 4%, the company said.

Group EBITDA for the period was QAR2.3 billion, a decrease of 28%. Excluding Indosat Ooredoo, EBITDA growth rate was 1%.

CAPEX for the period was QAR372 million and free cash flow was QAR2 billion, an increase of 8% excluding Indosat Ooredoo.

Consolidated customer base excluding Indosat Ooredoo stood at 55 million, driven by growth in Qatar, Kuwait, Iraq, and Palestine offset by a drop of customer numbers in Myanmar.

Commenting on the results, Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: “Ooredoo Group delivered a healthy set of results during the first quarter of 2022 with revenues of QAR5.5 billion. Despite the ongoing geopolitical instability globally, all Ooredoo Operating companies have been growing revenue in local currency terms.

'On January 4, we announced the successful completion of the merger between Indosat Ooredoo and 3 Indonesia, resulting in the formation of Indosat Ooredoo Hutchison.

'Keeping our customers at the forefront, digital transformation and technology are driving forces behind Ooredoo Group’s quick response to changing market conditions. Additionally, we were selected as the Official Global Connectivity Services Provider for FIFA World Cup Qatar 2022, which is testament to our strong, innovative, and reliable network services that exceed global standards and best practice.”

Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo said: “Ooredoo Group delivered a strong set of results for the quarter ended 31 March 2022. Excluding Indosat Ooredoo, revenue and EBITDA increased by 4% and 1% respectively. We continue to see successful results from our transformation strategy, as demonstrated by our free cash flow of QAR 2 billion, which excluding Indosat Ooredoo increased by 8%.

'Our home market of Qatar delivered strong results with a revenue increase of 6% to QAR1.9 billion, and a customer base increase of 6% to 3.2 million. Ooredoo Kuwait reported a 14% increase in revenue to QAR693 million, supported by an improved EBITDA margin of 29%. Ooredoo Oman’s EBITDA for the period increased 2% to QAR 321 million.

'Ooredoo Algeria and Ooredoo Tunisia both reported top line revenue growth in local currency terms of 5% and 3% respectively.

Asiacell extended its 4G coverage to 100% of its sites, upgraded the network with enhanced Data speed (4G+) and enhanced network resilience by introducing segmented routing in the transport network, resulting in a customer base increase of 10%.

'Indosat Ooredoo Hutchison signed several partnerships in the first quarter of the year as it further leverages its position as the number two player in the market, to bring new and innovative products and services to Indonesia.

'We look forward to reporting the further growth of the business in due course,” he said.



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