Ooredoo Group Q1 2023 Revenue Hits QAR 5.6 Billion

Moreover, the delivered net profit for the quarter is QAR 961 million compared to QAR 671 million in Q1 2022, with a total customer base of 56.5 million and solid customer additions across all operations except for Myanmar, which was affected by the introduction of new SIM card taxes.

Commenting on the results, H.E. Sheikh Faisal Bin Thani Al Thani, chairman of Ooredoo, said: “Ooredoo Group closed the first quarter of 2023 with outstanding results…This success bears testament to our commitment to deliver robust connectivity, exceptional customer experiences, and maximizing stakeholder value.

“Our digital transformation strategy has been instrumental in our success, enabling us to effectively capitalize on market opportunities and position ourselves well for further growth. Our ability to remain agile and adapt to the rapidly changing nature of the markets in which we operate positions us well for sustained progress and strong returns,” he continued.

Also commenting on the results, Aziz Aluthman Fakhroo, managing director of Ooredoo, said: “In Q1 2023, Qatar, our primary market, has once again demonstrated its excellence as a leading telecommunications and ICT provider. Ooredoo Qatar achieved a 3% increase in revenue, reaching QAR 1.9 billion. The revenue uptick can be attributed to B2B fixed services, Ooredoo tv, Ooredoo Financial Services and handset sales.”

Ooredoo Oman has delivered a 2% increase in revenue in Q1 2023, backed by postpaid services, wholesale revenues, and devices, and is now under the leadership of the newly-appointed CEO, Bassam Al Ibrahim. Moreover, Ooredoo Kuwait delivered a 2% YoY revenue expansion, while Asiacell reported a considerable 6% revenue surge YoY, and Ooredoo Maldives’ revenue climbed by 5% YoY.

Regional Operational Review

Exclusive: Ooredoo Group Regional CEO: Driving Growth and Innovation in the Digital Economy

Middle East

Ooredoo Qatar

The Ooredoo Qatar customer base stood at 3.4 million, up by 6% YoY, with a slight decline of 250 thousand customers compared to Q4 2022, as anticipated after the World Cup.

Overall, Ooredoo Qatar kicked off the year with several transformations to its services, a first in Qatar. It launched Microsoft Teams as a new service for its business customers and announced the upcoming readiness of innovative technology Fibre to the Room (FTTR), a new revolutionary solution for home internet customers. Most recently, during the holy month of Ramadan, Ooredoo launched a few CSR activities under its campaign “Connecting and Giving.”

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Ooredoo Oman

Ooredoo Oman’s revenue amounted to QAR 624 million, representing an increase of 2% YoY, driven by postpaid services, wholesale revenues, and devices. EBITDA for the period decreased by 8% YoY to QAR 294 million, impacted by a lower margin, while the customer base increased to 3.0 million, representing a 7% growth YoY. The rollout of 5G continued, with 5G population coverage reaching almost 40%.

Exclusive: Ooredoo Oman’s Growth in Digital Transformation

Ooredoo Kuwait

Ooredoo Kuwait increased Q1 2023 revenue to QAR 709 million with a growth of 2% YoY and recorded a 16% increase in EBITDA YoY, with the EBITDA margin reaching 32%. This solid performance is backed by the growth in revenue and effective cost management. The customer base has grown 8% YoY, reaching a total of 2.8 million. This increase has benefited from the favorable macroeconomic conditions brought about by stable oil prices and export revenues.

Additionally, Ooredoo Kuwait has become the first operator in the Kuwaiti market to launch Google Pay and has completed a trial for "Advanced 5G," demonstrating its readiness for a future launch of this technology.

Asiacell – Iraq

Asiacell reported solid revenue growth of 6% YoY in Q1 2023, reaching a total of QAR 938 million with an increase in EBITDA of 10% YoY due to growth from B2C and B2B revenue. Customer base delivered a solid increase of 6% in Q1 2023 to reach 17.0 million customers due to an enhanced focus on the customer experience and retention efforts through launching new initiatives such as a new loyalty program, the launch of eSIM and Ramadan offers.

Ooredoo Palestine

Ooredoo Palestine reported total revenue of QAR 101 million in Q1 2023, a 4% decrease YoY, while EBITDA for the period increased 2% YoY to QAR 41 million. The increase was driven by disciplined cost control, leading to a strong EBITDA margin of 40%. The customer base reached 1.4 million, bringing about a YoY increase of 2%.

North Africa

Ooredoo Algeria

Ooredoo Algeria ended Q1 2023 with a solid EBITDA margin of 39%, reflecting management’s focus on cost control measures, and delivered a growth of 1% YoY in its customer base to reach 13 million customers in Q1 2023, primarily driven by B2C prepaid. Ooredoo Algeria has additionally rolled out new 4G sites offering additional capacity on its 4G network, maintaining high positions in the Data Network Performance benchmarks.

Ooredoo Tunisia

Ooredoo Tunisia revenues came in at QAR 344 million in Q1 2023. EBITDA was down by 39% in Q1 2023, but the Tunisian customer base increased by 2% YoY to reach 7.1 million in Q1 2023. Ooredoo Tunisia is becoming more competitive in fiber because of its targeted strategy, which has allowed it to win major projects, particularly in the private sector. The fiber rollout continues to make timely progress.

Exclusive: Ooredoo Tunisia CTIO: ‘By Disaggregating the Telco Stack, We Aim to Do More Partnerships and Innovation’

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Asia

Indosat Ooredoo Hutchison (IOH)

It has been a year since the merger forming Indosat Ooredoo, and this strategic partnership has been a tremendous success, resulting in IOH being recognized as a joint venture rather than a subsidiary. As a result, Ooredoo Group recognizes a 33% contribution to its EBITDA from IOH's profits. IOH's performance has exceeded all expectations, delivering results even better than originally planned.

In local currency, the operation delivered solid results with double-digit revenue growth of 10% and EBITDA up by 19% with an accompanying EBITDA margin of 50%, demonstrating a healthy operating leverage. The customer base stood at 98.5 million for the quarter.

Also Read: Indosat Ooredoo Hutchison’s Successful Merger Empowers Indonesia

Ooredoo Maldives

Ooredoo Maldives concluded Q1 2023 with a revenue of QAR 121 million, an increase of 5% YoY, supported by mobile, fixed and roaming. During Q1 2023, EBITDA rose by 6% YoY to QAR 67 million, driven by higher revenue and effective cost control, resulting in a solid EBITDA margin of 55%.

During this period, Ooredoo Maldives achieved several milestones, particularly contributing to its digitalization efforts. Ooredoo Maldives partnered with Microsoft to enable its business to take advantage of innovative technology and software solutions and launched a multi-location secure connectivity solution for businesses.

Ooredoo Myanmar

Despite the challenging business environment characterized by the ongoing shutdown of internet services in Upper Myanmar, high inflation rates and high electricity outages, Ooredoo Myanmar demonstrated resilience and achieved a 2% revenue growth YoY in local currency. The expansion was primarily fueled by the performance of the mobile revenue segment, which encompasses voice and data services; this was accomplished despite the unfavorable trading conditions.

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