Qatar Telecom revenue up 3%, net profit up 20%

Ooredoo Q.P.S.C. Ticker: ORDS today announced its financial results for the six-month period ended 30 June 2023.

H1 2023 Highlights:

• Strong year-on-year (YoY) Revenue growth of 3%, reaching QAR 11.4 billion
• Healthy EBITDA, of QAR 4.8 billion with a margin of 42%
• Exceptional 20% YoY growth in normalized Net Profit, reaching QAR 1.6 billion
• Normalized Free Cash Flow grew 7% YoY to QAR 3.9 billion
• CapEx intensity down 1 percentage point (pp) to 8%
• Expanded customer base (including IOH) to 156.2 million, a solid 3% YoY growth
• On track to achieve FY23 guidance

Commenting on the results, HE Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said:

“Ooredoo Group concluded the first half of 2023 with an outstanding performance, recording Revenue of QAR 11.4 billion and a remarkable surge in normalized Net Profit reaching QAR 1.6 billion. These impressive achievements underscore our steadfast dedication to providing robust connectivity, exceptional customer experiences, and maximizing value for our stakeholders.

Our digital transformation strategy has played a pivotal role in driving our success, empowering us to effectively capitalize on market opportunities and position ourselves for future growth. Our ability to remain agile and adapt to the rapidly changing market landscape positions us strongly for further progress and attractive returns.

Looking ahead, we remain committed to exploring strategic avenues that unlock significant capital and maximize value for our stakeholders, further solidifying our position as a leader in the industry.”

Also commenting on the results, Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo said:

“These strong set of results validates our strategy which places operational excellence, and customer service at its core. Notably, our normalized Net Profit increased 26% in Q2 YoY, and we remain on track to achieve our guidance targets for 2023.

We are proud of our employees. Their dedication contributed to the positive performance of our operations. Ooredoo Kuwait delivered a solid 4% YoY growth in Revenue reaching almost QAR 1.5 billion. Asiacell achieved strong Revenue growth in H1 2023, with a YoY increase of 16%, reaching more than QAR 2 billion. In addition, Ooredoo Algeria delivered an 8% increase in Revenue during H1 2023.

We are making significant progress on executing our strategy and are well on track to achieve our guidance targets. We continue to strengthen our position as a leading telecommunications company striving to deliver competitive services to our customers and exceptional value to our stakeholders.”

CT Bureau