Starting the year on a strong note, Ooredoo Group posted a first quarter net profit of QR808mn, up 13.6% on Q1, 2012 on the back of strong revenue growth in many markets.
The group has seen a 5% increase in its first quarter revenue, which reached QR8.4bn. Group revenue growth was driven by “strong performance” in the group’s home market, Qatar, in addition to “strong momentum” from international group operations in Algeria, Indonesia and Iraq.
Earnings per share (EPS) stood at QR2.52 in Q1 compared with QR2.7 in the same period last year. EPS reflects the issuance of bonus shares of 30% of share capital in March 2012 and rights issue of two shares for every five shares held in June 2012, Ooredoo said.
Group earnings before interest, tax, depreciation and amortisation (EBITDA) in the period decreased by 3.1% year-on-year to stand at QR3.7bn as opposed to QR3.8bn in Q1, 2012.
Ebitda margin at the end of Q1, 2013 was 44% compared with 48% in the same period last year.
The group’s consolidated customer base stood at 91mn in March compared with 84.4mn in Q1, 2012, representing year-on-year growth of 7.7%.
In Qatar, Ooredoo has seen an increase in its customer base to 2.7mn in March compared with 2.4mn in the same period last year.
Ooredoo said: “Qatar remains one of our leading markets, producing in the quarter another strong set of results for the Group. Revenue grew by 4.9% year-on-year to QR1.6bn compared with QR1.5bn in Q1, 2012. Ebitda decreased to QR771mn, a 3.4% drop year-on-year (Q1, 2012: QR798mn).
“Ooredoo Fibre continued to gain customers in the first three months of the year, following the successful uptake in the service Ooredoo saw last year. Complementing this is the post-period launch of 4G/LTE which positions Ooredoo to take advantage of long-term, valuable growth from the high speed data segment.”
Ooredoo Group chairman HE Sheikh Abdullah bin Mohamed bin Saud al-Thani said: “We have started 2013 with strong momentum across many of our key markets leading to solid revenue performance in the first quarter. We see positive developments in customers and usage in mobile data and broadband services in line with our strategic focus.
“Our re-branding to Ooredoo has been an inspiration and we are proud to have taken the first step to unify our companies under a single, dynamic brand which ties Ooredoo and our customers’ ambitions ever closer together.”
Ooredoo Group CEO Dr Nasser Marafih said: “As a group we continue to witness key developments across the different countries in which we operate. We are introducing next generation networks and data services.
“Our customers are demanding on-line access to services on their smartphones and we are determined to meet and exceed their expectations.
“We believe these enhancements present us with a number of growth opportunities and are excited about the prospects for the Group in the year ahead as we continue to put our customer needs first,” Marafih said