Ooredoo Group revenue grew 2% to QR5.6bn in the first quarter compared to QR5.5bn in Q1, 2022 driven by mobile data, fixed B2B, wholesale and handsets.
The group delivered net profit of QR961mn for the quarter compared to QR671mn in Q1, 2022, the company said on Wednesday.
Normalised net profit was QR795mn compared to QR689mn in Q1, 2022, normalised for the foreign exchange impact, impairment of goodwill and two one-off items (QR446mn NMTC legal case gain and QR56mn gains from Indonesian tower sales).
EBITDA increased 3% to reach QR2.4bn, with an accompanying EBITDA margin of 43% supported by top-line growth and a one-off tower gain in Q1, 2023 of QR56mn.
Capital expenditure (Capex) for the quarter stood at QR396mn.
Commenting on the results, Ooredoo Group chairman Sheikh Faisal bin Thani al-Thani said, “Ooredoo Group closed the first quarter of 2023 with outstanding results, boasting a revenue of QR5.6bn and a remarkable increase in normalised net profit. This success bears testament to our commitment to deliver robust connectivity, exceptional customer experiences, and maximising stakeholder value.
“Our digital transformation strategy has been instrumental in our success, enabling us to effectively capitalise on market opportunities and position ourselves well for further growth. Our ability to remain agile and adapt to the rapidly changing nature of the markets in which we operate, positions us well for sustained progress and strong returns.
“We are pleased to report that the recommendation by the BoD to distribute a cash dividend of QR0.43 per share has been approved by our shareholders during the AGM held on March 7, 2023.
Looking ahead, we will continue to explore strategic options that will unlock significant capital and maximise stakeholder value."
Ooredoo Group managing director Aziz Aluthman Fakhroo said, “I am delighted that our reported revenue has seen a healthy growth of 2%, reaching QR5.6bn. Our EBITDA margin improved by one percentage point to reach 43% which continues to demonstrate the solid operational execution as well as the dedication and hard work of all our employees, amidst many challenges.
“Our normalised net profit saw a noteworthy expansion of 15%. Through the quarter, we have remained committed to delivering outstanding customer experiences, which truly reflects our Company's unwavering dedication to excellence.
“In Q1, 2023, Qatar, our primary market, has once again demonstrated its excellence as a leading telecommunications and ICT provider. Ooredoo Qatar achieved a 3% increase in revenue, reaching QR1.9bn. The revenue uptick can be attributed to B2B fixed services, Ooredoo tv, Ooredoo Financial Services and handset sales.
“Ooredoo Oman has delivered a 2% increase in Revenue in Q1 2023 backed by postpaid services, wholesale revenues, and devices. We are delighted to announce the appointment of Bassam al-Ibrahim as the new CEO of Ooredoo Oman, effective from 1 March 2023.”