* Consolidated customer base excluding Indosat Ooredoo stood at 55mn, driven by growth in Qatar, Kuwait, Iraq, and Palestine offset by a drop of customer numbers in Myanmar
Consolidated customer base excluding Indosat Ooredoo at 55mn, driven by growth in Qatar, Kuwait, Iraq, and Palestine
Ooredoo Group Wednesday night announced revenue of QR5.5bn in the first quarter of the year.
Net profit for the period increased by 241% to QR659mn due to “improved” operational performances across all the operating companies and fewer forex losses in Myanmar. Excluding FX impact the net profit increased by 48%.
Consolidated customer base excluding Indosat Ooredoo stood at 55mn, driven by growth in Qatar, Kuwait, Iraq, and Palestine offset by a drop of customer numbers in Myanmar.
Group EBITDA for the period was QR2.3bn, a decrease of 28%. Excluding Indosat Ooredoo, EBITDA growth rate was 1%. Capex for the period was QR372mn.
Commenting on the results, Ooredoo Group chairman Sheikh Faisal bin Thani al-Thani said, “Ooredoo Group delivered a healthy set of results during the first quarter of 2022 with revenues of QR5.5bn. 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 Group said, “Ooredoo Group delivered a strong set of results for the quarter ended March 31, 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 QR2bn, which excluding Indosat Ooredoo increased by 8%.
“Our home market of Qatar delivered strong results with a revenue increase of 6% to QR1.9bn, and a customer base increase of 6% to 3.2mn. Ooredoo Kuwait reported a 14% increase in revenue to QR693mn, supported by an improved EBITDA margin of 29%. Ooredoo Oman’s EBITDA for the period increased 2% to QR321mn.
“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.”
Ooredoo Group said due to the merger of Indosat Ooredoo and Hutchinson in Indonesia (as of January 4, 2022), the accounting treatment of Ooredoo’s previous largest international operation has been changed.
Indosat Ooredoo Hutchison revenue, EBITDA, customers, and capex are no longer consolidated, as the operation is now classified as a “joint venture company”, it said.
Ooredoo Group Wednesday night announced revenue of QR5.5bn in the first quarter of the year.
Net profit for the period increased by 241% to QR659mn due to “improved” operational performances across all the operating companies and fewer forex losses in Myanmar. Excluding FX impact the net profit increased by 48%.
Consolidated customer base excluding Indosat Ooredoo stood at 55mn, driven by growth in Qatar, Kuwait, Iraq, and Palestine offset by a drop of customer numbers in Myanmar.
Group EBITDA for the period was QR2.3bn, a decrease of 28%. Excluding Indosat Ooredoo, EBITDA growth rate was 1%. Capex for the period was QR372mn.
Commenting on the results, Ooredoo Group chairman Sheikh Faisal bin Thani al-Thani said, “Ooredoo Group delivered a healthy set of results during the first quarter of 2022 with revenues of QR5.5bn. 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 Group said, “Ooredoo Group delivered a strong set of results for the quarter ended March 31, 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 QR2bn, which excluding Indosat Ooredoo increased by 8%.
“Our home market of Qatar delivered strong results with a revenue increase of 6% to QR1.9bn, and a customer base increase of 6% to 3.2mn. Ooredoo Kuwait reported a 14% increase in revenue to QR693mn, supported by an improved EBITDA margin of 29%. Ooredoo Oman’s EBITDA for the period increased 2% to QR321mn.
“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.”
Ooredoo Group said due to the merger of Indosat Ooredoo and Hutchinson in Indonesia (as of January 4, 2022), the accounting treatment of Ooredoo’s previous largest international operation has been changed.
Indosat Ooredoo Hutchison revenue, EBITDA, customers, and capex are no longer consolidated, as the operation is now classified as a “joint venture company”, it said.