Ooredoo Group announced its financial results for the first quarter of the year on a strong note. To highlight, the company delivered a revenue of QAR 5.9 billion, up by 4%, with an increase in normalized net profit of QAR 1 billion, up by 26%.
Commenting on the results, HE Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said, “This performance is supported by our commitment to excellence across our global footprint with the delivery of best-in-class connectivity and exceptional customer experience.”
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According to Aziz Aluthman Fakhroo, CEO of Ooredoo Group, the company “made a strong start to the year,” as it achieved solid financial KPIs with continued customer growth. Including IOH, the Group’s customer base reached a total of 159.3 million during the first quarter.
The company’s EBITDA expanded by 6% to QAR 2.5 billion, with a healthy EBITDA margin of 43%, expanding by 1pp due to solid topline growth and the implementation of cost control measures.
Ooredoo Group's performance for Q1 2024 was backed by its strong operational performance in Iraq, Algeria, the Maldives, and Tunisia, highlighted the CEO.
“Looking ahead, Ooredoo aims to build on its successful transformation to drive new revenue sources and sustain its strong financial position, delivering greater value and returns for our stakeholders as we evolve toward becoming the leading digital infrastructure provider in the region,” concluded the CEO.
Middle East Operating Companies’ Highlights
Ooredoo Qatar: In a highly competitive environment, revenue declined on a reported basis by 7% YoY to QAR 1.8 billion, due to lower mobile, fixed services and device revenue. Its customer base slightly improved to 3.1 million (+1% YoY).
Notably, the data centers previously under Ooredoo Qatar and Tunisian operations have been separated and transferred to a newly established independent, specialized data center entity. Concurrently, the legal separation of the fintech business has been successfully finalized in Qatar.
Ooredoo Kuwait: This opco’s revenue grew by 7% YoY to QAR 760 million, underpinned by higher service revenue in voice and data. Its customer base grew by 3% YoY, reaching 2.9 million.
Regarding data centers, the carve-out process for Kuwait is anticipated to be finalized in the first half of 2024. Additionally, the Group is actively pursuing fintech license applications in Kuwait within this year.
Ooredoo Oman: This opco maintained a healthy EBITDA margin in Q1 2024 and grew its customer base to 3.1 million (+2% YoY). Its revenue reached QAR 607 million, declining by 3% YoY, mainly due to lower mobile revenue.
In a significant milestone within the fintech arena, Ooredoo Financial Technology International (OFTI) secured the Payment Service Provider (PSP) license in Oman as of April 2024.
