OOREDOO: Ooredoo Group announced Revenue of QAR 15.3 billion in 1H 2018 Foreign Exchange Losses impacted Net Profit

Ooredoo issued the following announcement on July 29.

H1 2018 Revenue was QAR 15.3 billion, driven by strong contributions from Qatar, Iraq, Oman, Kuwait, Tunisia and Myanmar offset by reductions in Indonesia and Algeria. Group Revenue decreased by 6% year-on-year

Group EBITDA stood at QAR 6.2 billion with a corresponding EBITDA margin of 41%. Group EBITDA decreased by 10% year-on-year mainly due to lower revenue

Group Net Profit attributable to Ooredoo shareholders stood at QAR 689 million. The positive performances in Iraq and Oman were offset by market challenges and lower revenue in Indonesia and Algeria as well as a substantial Foreign Exchange (FX) loss in Myanmar. Pre FX the decrease was 18% compared to the reported 37%

Group Customer number stood at 130 million, negatively impacted by the new SIM card registration requirements by the Indonesian regulator

Increased monetization of data business, with significant data growth coming from consumer and enterprise customers saw data revenue increasing to 45% of Group revenue. Revenue from data contributed almost QAR 7 billion in H1 2018

Operational highlights:

Ooredoo Qatar became the first operator in the world to launch a live 5G network on the 3.5GHz spectrum band. The Ooredoo 5G service offers the latest network technology (5G NR), meaning much higher speeds, capacity and better latency than existing cellular systems.

Ookla’s Speedtest Intelligence recognised Ooredoo Myanmar as the fastest 3G/4G network in Myanmar, Ooredoo Oman and Ooredoo Algeria were recognised as the fastest mobile network in the country.

Ooredoo continues to provide cutting edge data services in its markets with 4G networks now available in 8 of Ooredoo’s 10 markets

Ooredoo launched a new “Enjoy the Internet” campaign featuring Leo Messi, Ooredoo’s global brand ambassador and one of the world’s top football stars. In a series of immersive videos, viewers across all of Ooredoo’s key markets are shown a playful side of Leo Messi who demonstrate how much fun can be had off the pitch in the digital world.

In Palestine, Wataniya Mobile successfully concluded a capital share increase of USD 35 million through a secondary offering

In July 2018 Ooredoo finalized a USD 200 million loan over a five year period with KFW IPEX Bank in Germany

Commenting on the results, H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chairman of Ooredoo, said:

“Ooredoo Group is at the forefront of telecom innovation globally and I am proud to announce that we are the first operator in the world to launch a live 5G network during the first half of 2018. The new technology brings with it a raft of new possibilities that were simply not possible before 5G and will enable businesses and consumers to unlock more of their potential and prosper in a digital world.

We remain true to our mission of enriching people’s digital lives. During the period, Ooredoo and Leo Messi teamed up once again in a lively campaign to take our customers off the pitch and into a digital world. The integrated “Enjoy the Internet” campaign, brought to life the power of our network and the variety of digital content.

Our financial results come at time when the telecom sector is undergoing significant structural changes combined with unfavourable Foreign Exchange rates as well challenging market conditions. While these factors have affected our financial results for the period in some markets, we have made good operational progress in other markets and I am confident Ooredoo has the right strategy to grow in the new market environment.”

Also commenting on the results, Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo said:

“The first half of 2018 saw a mixed set of re­sults across our operations, with strong performances in Iraq, Tunisia and Oman, being more than offset by challenging market conditions in Indonesia and Algeria as well as by FX losses in Myanmar. Group Revenue was QAR 15.3 billion and EBITDA margin stood at 41%. Ooredoo Group delivered a Net Profit of QAR 689 million.

We have seen Revenue increases in Iraq, Oman, Kuwait, Tunisia and Myanmar. 4G networks are now available in 8 of our 10 markets. In Qatar, we launched the world’s first 5G network. We defended our market leadership position in our domestic market as well as in Tunisia and Iraq. Our focus on efficiencies resulted in a sequential improvement of our margins.

In all our markets we have focused on empowering our customers and supporting the local national development agendas by providing fast, reliable and innovative connectivity solutions. 45% of our revenues are now generated from our data and digital business.”

Original source: http://ooredoo.com/en/media/news_view/ooredoo-group-announced-revenue-of-qar-15-3-billion-in-1h-2018-foreign-exchange-losses-impacted-net-profit/

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