Ooredoo Group has reported a 4% year-on-year (y-o-y) growth in net profit to QR1.9bn in the first half of 2025, achieving sustainable growth and reflecting operational strength and strategic investments.

This includes the impact of Pillar 2, aligned with new global minimum tax requirements amounting to QR112mn. Normalised net profit - adjusted for foreign exchange, impairment and exceptional items - increased by 3% y-o-y to QR1.9bn.

Group revenue rose to QR11.9bn in H1, representing a robust 4% y-o-y increase excluding the impact of the Myanmar exit. Group EBITDA grew by 3% y-o-y, excluding the impact of the Myanmar exit, reaching QR5.1bn. EBITDA margin remained consistent at 43%.

The group invested QR1.5bn of CAPEX for H1 2025, a 49% increase y-o-y, primarily driven by strategic network and infrastructure investments in Iraq, Tunisia, Algeria, Kuwait, and Oman.

Free cash flow declined by 11% to QR3.6bn as solid EBITDA performance was offset by accelerated rollouts of targeted network projects. Ooredoo Group maintained its healthy financial and liquidity position during H1 with investment-grade ratings. As of June 30, the group’s net-debt-to-EBITDA ratio stood at 0.7x, below the board’s guidance of 1.5x to 2.5x.

The group has QR14.8bn in cash reserves (net of restricted cash) and QR5.5bn available in undrawn facilities, reflecting a strong liquidity position. The group’s customer base grew by 4% y-o-y to 51.9mn. Including IOH, the total customers reached a total of 147.2mn, highlighting strong demand and operational scale.

Ooredoo Group is progressing steadily towards its FY 2025 target, with expected revenue growth of between 2% to 3% and an EBITDA margin in the low 40% range. Additionally, full-year CAPEX is projected to range between QR4.5bn and QR5bn as planned spending accelerates in the second half of the year.

Ooredoo chairman HE Sheikh Faisal bin Thani al-Thani said, “Our sustained growth across key financial metrics is a powerful testament to the clarity and strength of our business strategy. This success is anchored by our commitment to customer excellence, supported by a high-quality infrastructure and continuous strategic investment, which are the core pillars of our current performance and future growth plans.

“In the second half of the year, we will continue to advance our strategic priorities to become the leading digital infrastructure provider in the MENA region. Our approach is supported by strong financial discipline and a steadfast focus on delivering sustainable value to all our stakeholders.”

Ooredoo Group CEO Aziz Aluthman Fakhroo said, “The group delivered a strong performance in the first half of the year, with year-on-year growth across revenue, EBITDA and net profit, reflecting the strength of our core operations and steady progress against our strategic priorities.

“Looking ahead to the second half of the year, we will maintain our disciplined execution while advancing our strategic priorities. From building essential digital infrastructure to advancing fintech innovation, Ooredoo Group remains committed to driving digital transformation across the MENA region.”