Ooredoo Reports Strong Growth in Capex and Customer Base for Q3 2023

Ooredoo, the leading telecommunications provider in the Middle East, has announced its financial results for the nine-month period ending September 30, 2023. The company reported a Capex spend of QAR 1.6 billion, representing a 2 percent growth, with a stable Capex intensity during this period.
During the third quarter of 2023, Ooredoo’s Capex witnessed a significant 22 percent increase, reaching QAR 719 million, up from QAR 590 million. The company made strategic investments in markets such as Oman, Iraq, Tunisia, and the Maldives to drive growth. Ooredoo anticipates a further increase in Capex spend in the last quarter of the year, in line with historical trends, with the projected annual Capex for 2023 estimated to be approximately QAR 3 billion.

Ooredoo’s Capex allocation during the third quarter is as follows: QAR 170.5 million in Qatar, QAR 108.6 million in Iraq, QAR 122.8 million in Oman, QAR 11.6 million in Myanmar, QAR 303.6 million in Wataniya Group, QAR 48.8 million in Kuwait, QAR 82 million in Tunisia, QAR 35.7 million in the Maldives, and QAR 5.8 million in Palestine.

Notably, Ooredoo marked a significant milestone by becoming the world’s first operator to deploy 50GPON connectivity. The company also launched Fiber to the Room (FTTR), offering customers fast fiber connections directly to their selected rooms. In addition, Ooredoo Algeria expanded its network capabilities by deploying new 4G sites, enhancing the 4G network’s capacity.

Ooredoo’s consolidated customer base saw a 2 percent growth, reaching 56.7 million compared to 55.5 million in the same period last year. When including Indosat Ooredoo Hutchison (IOH), the total customer base increased by 1 percent to 156.1 million.

In terms of revenue, Ooredoo reported a 2 percent growth, with revenue for the first nine months of 2023 reaching QAR 17.2 billion, up from QAR 16.9 billion in the corresponding period of the previous year.

The growth was primarily driven by solid performances in Iraq, Algeria, Kuwait, and the Maldives. However, this positive trend was partially offset by a decline in revenue in Qatar, Oman, and Tunisia, along with foreign exchange depreciation in Myanmar and Palestine.

Commenting on the results, Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo Group, in its earnings report, expressed satisfaction with the company’s performance in the third quarter, citing strong contributions from key markets.

Ooredoo remains committed to its mission of connecting people and businesses, and these results are a testament to their dedication to providing high-quality telecommunications services to customers across their operational regions.