* Group consolidated customer base stood at 55mn, driven by growth most markets offset by a decline in Myanmar
Ooredoo Group has posted a half yearly net profit of QR1.3bn, up 43% on the same period last year.
Ooredoo Group revenue for the half year that ended on June 30 stood at QR11bn, an increase of 4% compared to the same period last year.
Group EBITDA for the period was QR4.5bn, an increase of 2%. EBITDA has been normalised for two Indonesian non-recurring item, i.e., the data centre deal in 2022 and the tower sale and lease back in 2021.
Capital expenditure (CAPEX) for the period stood at QR965mn. Free cash flow increased 10% to reach QR3.6bn.
Group consolidated customer base stood at 55mn, driven by growth most markets offset by a decline in Myanmar.
Commenting on the results, Ooredoo Group chairman Sheikh Faisal bin Thani al-Thani said: “Ooredoo Group had a good start to the year. Taken the deconsolidation of our Indonesian operation into account we delivered growth in revenues and a net profit of QR1.3bn, up 43% on the first half of 2021. Our strategy to provide robust connectivity and superior customer experiences is clearly paying off.
“As we enter the second half of the year, we are more determined and ambitious to leverage the growing opportunities in the market to build a world-class data experience for our customers. Led by our digital transformation strategy, we are well positioned to see strong returns as we continue to be agile and adapt to the fast-changing nature of our markets.”
Also commenting on the results, Ooredoo Group managing director and CEO Aziz Aluthman Fakhroo said: “Ooredoo Group delivered strong results for the first half of 2022. In local currency terms all our operations have grown their revenues. Normalised proforma revenue increased by 4% year-on-year (y-o-y) supported by a stable EBITDA margin of 41%. The success of our transformation strategy is evident and proven through our improved free cash flow of QR3.6bn, which increased by 10%.
“In our home market of Qatar, we reported revenue of QR3.8bn, an increase of 3%, and a customer base increase of 5% to 3.2mn.
“Ooredoo Kuwait revenue was up 13% to reach QR1.4bn and it became the first telco in Kuwait to obtain a ‘Cloud Service Provider’ license from the Communication and IT Regulatory Authority.
Ooredoo Oman’s customer base increased to 2.9mn while revenue was up by 2% and EBITDA by 5% despite a new entrant in the Omani market.
Ooredoo Algeria and Ooredoo Tunisia both reported revenue growth in local currency terms of 4% and 2% respectively.
Asiacell continued their strong performance and revenue increased 3%.
The integration between Indosat Ooredoo and Hutchison in Indonesia is progressing well, with the merged entity, Indosat Ooredoo Hutchison, on track to hit its targets outlined at the start of 2022.
“We look forward to continuing to deliver on this continued growth and will provide further updates in due course.”
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