Ooredoo Qatar has also announced the completion phase of a future technology Fibre to the Room (FTTR), designed for customers enjoying home-based internet services.
Ooredoo Group, a Doha-based multinational telecommunications company servicing the MENA region and Southeast Asia, released its quarterly financial report. This report displays great performance in terms of revenue figures, EBITDA margins, etc.
The report disclosed that consolidated revenue increased by 2% to QR 5.6 billion in the first quarter of 2023. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 3 percent to QR 2.4 billion. Following this, the EBITDA margin stood at 43 percent.
This EBITDA growth resulted from top-line and one-off tower gain in the first quarter of 2023 of QR 56 million reported in IOH. EBITDA normalised for the IOH one-off gain. This spectacular growth was fueled by increased sales of handsets, mobile data, wholesale, and fixed B2B.
The report showed that the net profit attributable to the shareholders, compared to Q1 2022, has grown by QR 290 million or 43 percent up to QR 961 million for Q1 2023. The normalised net profit attributable to the shareholders was QR 795 million, an increment of 15% from Q1 2022. Net profit was normalised for the harm of goodwill, foreign exchange impact, and two one-off items. These two items were revenue from other sources, a gain of QR 446 million from an NMTC lawsuit, and another gain from selling an Indonesian tower of QR 56 million.
Sheikh Faisal bin Thani Al Thani, the Chairman of Ooredoo, said that the group ended Q1 2023 with great performance, a substantial increase in normalised net profit, and a revenue increase of QR 5.6 billion. This shows their dedication to providing top-notch connectivity, extraordinary customer experiences, and boosting stakeholder value.
Aziz Aluthman Fakhroo, the Managing Director of Ooredoo, said that he was happy with an increase in revenue of 2 percent or QR 5.6 billion. Their Ebitda margin also went up to 43 percent displaying a robust operational execution and the hard work of their workforce, despite multiple challenges. Their normalised net profit rose to 15 percent. During Q1, they have worked tirelessly to provide seamless customer experience, which shows their company’s striving efforts towards excellence.
Further ahead, the report included other operational highlights like the ruling of a Kuwaiti court in matters of recovery of excess regulatory tariffs. This ordered payment of KWD 43.8 million (QR 510 million) to NMTC, whose 92 percent stake is held by Ooredoo QPSC.
Bassam Al Ibrahim was roped in as the new CEO of Ooredoo Oman. The company was awarded the “Most Trusted Brand 2022” by Apex Media.
Ooredoo Qatar introduced Microsoft Teams as a service for its business customers. It has also announced the completion phase of a future technology Fibre to the Room (FTTR), designed for customers enjoying home-based internet services.
The report represents that Ooredoo Group has established itself in a highly competitive industry. It was displayed in the outstanding figures of revenues.