Ooredoo Group has announced its financial result – revenue, growth in subscribers, Capex, profit, etc during the first quarter of 2024.
# Revenue increased by 4 percent to QAR 5.9 billion
# EBITDA up by 6 percent to QAR 2.5 billion and EBITDA margin expanded to 43 percent, up by 1pp
# Net Profit reached QAR 1.0 billion, up by 26 percent
# CAPEX spend of QAR 382 million
# Customer base of 159.3 million, up by 3 percent (including IOH)
# On track to meet FY 24 guidance
Ooredoo Group said its revenue grew by 4 percent to QAR 5.9 billion (Q1 2023: QAR 5.6 billion) driven by the momentum in Iraq, Algeria, Kuwait, Maldives and Tunisia. This was partially offset by the revenue decline in Qatar and Oman.
Ooredoo Group spent QAR 382 million Capex for Q1 2024, reflecting a 3 percent decrease. Capex to sales ratio was 7 percent.
Ooredoo Group said its Capex spent was QR 81.7 million in Qatar, QR 53.7 million in Iraq, QR 36.1 million in Oman, QR 8 million in Myanmar, QR 197.8 million for Wataniya Group, QR 39.8 million in Kuwait, QR 77.7 million in Tunisia, QR 72.4 million in Algeria, QR 2.8 million in Maldives, and QR 5.1 million in Palestine.
Ooredoo added 2.0 million customers, up by 4 percent, to close Q1 2024 with a total of 58.5 million customers on the network. Including IOH, the customer base reached a total of 159.3 million, Ooredoo said.
Aziz Aluthman Fakhroo, CEO of Ooredoo Group said: “The solid topline growth and implementation of cost control measures led to the delivery of operating leverage, boosting profitability and efficiency; EBITDA expanded by 6 percent to QAR 2.5 billion with a healthy EBITDA margin of 43 percent, expanding by 1pp.”
