Tuesday 24 November 2020

Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani

Ooredoo 2016 profit rises 4pc to $603m

DOHA, February 23, 2017

Ooredoo Group, a major telecom group based in Doha, Qatar has announced a net profit of QR2.2 billion ($603 million) for 2016, marking a 4 per cent increase over net profits accrued during the prior year.

The profits were driven by strong contributions from Ooredoo Qatar, Oman, Indosat Ooredoo, and reduced costs at Ooredoo Group headquarters, and reduced loss due to foreign exchange fluctuations, a report said.

Revenue stood at QR33 billion, an improvement of 1 per cent over 2015.In local currency terms, growth was driven by Ooredoo Qatar, Oman, Kuwait, Algeria, Tunisia, Indosat Ooredoo and Myanmar. Excluding foreign exchange translation impact, Revenues would have increased by 2 per cent year-on-year instead of the reported 1 per cent, a statement said.

Group EBITDA increased by 3 per cent and stood at QR13 billion with an improved EBITDA margin of41 per cent, indicating a strong operational performance. Excluding foreign exchange translation impact, Group EBITDA would have increased by 4 per cent year-on-year instead of the reported 3 per cent.

Group Earnings per Share stood at QR6.84 in 2016, compared to QR6.61 in 2015. Continued strong data growth from consumer and enterprise customers: data revenue increased to 40 per cent of Group Revenue. Revenue from data contributed QR13 billion to the Group’s revenue.

Group B2B Revenue increased by 6 per cent to QR5.5 billion reflecting Ooredoo’s ongoing investment in services for business customers.

The company has declared a cash dividend of QR3.5 per share (35 per cent of the nominal share value).

Customer base increased by 19 per cent to reach 138million driven by strong growth in Indosat Ooredoo, Myanmar, Oman, Iraq, Tunisia, Kuwait, Algeria.

Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, chairman of Ooredoo, said: “Ooredoo has delivered good value for its shareholders in 2016, with growth in Revenues, EBITDA, Net Profit and customer numbers. Fuelled by our ambition to advance from a telecom operator to a leading international communications company, we achieved significant progress in rolling out our strategy in all our markets of operations. We strengthened our service offering and delivered world class infrastructure, connecting 138 million people to a better future.”

“We are the first telecom provider to launch 4G services in several of our markets, with eight of our operations now operating 4G networks. Some of our operations are already generating the majority of their revenues from data services.

“Looking ahead to 2017, we are confident in our growth prospects and we will focus on developing the business into a premier communications company, and diversifying our product offering and revenues. We will pursue 5G trials prior to introducing the technology in Qatar, in support of our nation’s efforts to host the Fifa World Cup in 2022, as well as continue to make a strategic contribution to the fulfilment of the Qatar National Vision 2030.

Sheikh Saud bin Nasser Al Thani, Group chief executive officer of Ooredoo said: “Our financial performance has been positive over the course of the past twelve months, with a healthy Group Revenue of almost QR33billion and a robust Group net profit attributable to shareholders of QR2.2billion, driven by strong contributions from Ooredoo Qatar, Oman and Indosat Ooredoo.”

“Our focus on efficiencies delivered an improved Group EBITDA margin of 41 per cent.

“Both Ooredoo Qatar and Ooredoo Oman displayed growth in terms of Revenue, EBITDA and Net Profit underpinned by market leading digital products, strong customer service and smart marketing initiatives,” he added. – TradeArabia News Service

Tags: Qatar | 2016 profit |

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