With 2023 being an exceptional year, Vodafone Qatar reported its half-yearly net profit of QAR 293 million, representing an increase of 12.8% year-on-year, mainly driven by higher EBITDA. The company’s Q1 results have previously shown positive improvements across all key indicators.
Total revenue increased by 2.2% year-on-year, reaching QAR 1.59 billion, driven by a 2.8% growth in service revenue, which reached QAR 1.41 billion. This increase is attributed to the continued growth in the telco’s fixed broadband services (GigaHome), mobility, wholesale, and Internet of Things (IoT).
The telco’s EBITDA for the period also increased by 5.9% year-on-year to QAR 672 million, primarily driven by higher service revenue and the ongoing success of the company’s cost optimization program. This led to a 1.5 percentage point increase in the EBITDA margin, reaching 42.4%, as well as a net profit margin increase of 1.7 percentage points year-on-year to 18.5%.
Vodafone Qatar H1 2024 Financial Highlights
Additionally, Vodafone Qatar achieved an annualized return on capital employed (ROCE) of 11.3% in H1 2024, reflecting the successful allocation of capital to both existing and new areas, which diversified revenue and accelerated profitable growth.
Notably, during the first half of the year, the telco demonstrated peak speeds exceeding 10 Gbps through 5.5G high band network testing. This landmark trial highlights Vodafone Qatar's commitment to innovation, demonstrating unprecedented data speeds and solidifying its position at the forefront of technological advancement.
At present, Vodafone Qatar is serving 2.1 million mobile customers.
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