Ooredoo Sees a 4% Increase in Revenue in the Half Year of 2022
Ooredoo has announced its financial results for the half year ended 30 June 2022.
The financial highlights of the same are:
• Revenue for the half year ended 30 June 2022 stood at QAR 11 billion, an increase of 4% compared to the same period last year.
• Group EBITDA for the period was QAR 4.5 billion, an increase of 2%. EBITDA has been normalized for two Indonesian non-recuring item, i.e., the data centre deal in 2022 and the tower sale & lease back in 2021.
• CAPEX for the period stood at QAR 965 million.
• Free Cash Flow increased 10% to reach QAR 3.6 billion
• Net Profit for the period stood at QAR 1.3 billion up 43% from the first half of 2021. NP has been normalised in the same manner as EBITDA plus impairments and FX impact.
• Consolidated customer base stood at 55 million, driven by growth most markets offset by a decline in Myanmar.
Operational highlights:
• FinTech: On April 13, Ooredoo Money in Qatar signed a partnership with Thunes, a global cross-border payments platform headquartered in Singapore, to offer real-time money transfers to multiple international mobile wallets
• On May 21 Ooredoo Kuwait became the first telecom company to obtain a license for cloud computing services
• On July 3, Ooredoo Group announced a joint agreement with international communications company, BICS, to create an innovative voice business model that will deliver innovative solutions in artificial intelligence, machine learning, and fraud protection.
• On June 22, Ooredoo Qatar’s CEO, Sheikh Mohammed Bin Abdulla Al Thani, participated in the 2022 Qatar Economic Forum Powered by Bloomberg, in a high-level roundtable entitled ‘Tech Cities: Infrastructure for a Connected World’.
• During the first half of the year, Ooredoo Group won seventeen accolades at international award ceremonies, recognizing its commitment to market-leading product offerings and innovation.
Ooredoo Group had a good start to the year. Taken the deconsolidation of our Indonesian operation into account we delivered growth in revenues and a Net Profit of QR 1.3 billion up 43% over the first half of 2021. Our strategy to provide robust connectivity and superior customer experiences is clearly paying off.
HE Sheikh Faisal Bin Thani Al Thani, Chairman, Ooredoo
As we enter the second half of the year, we are more determined and ambitious to leverage the growing opportunities in the market to build a world-class data experience for our customers. Led by our digital transformation strategy, we are well positioned to see strong returns as we continue to be agile and adapt to the fast-changing nature of our markets.
Ooredoo Group delivered strong results for the first half of 2022. In local currency terms all our operations have grown their Revenues. Normalized Proforma revenue increased by 4% yoy supported by a stable EBITDA margin of 41%. The success of our transformation strategy is evident and proven through our improved free cash flow of QAR 3.6 billion, which increased by 10%.
In our home market of Qatar, we reported revenue of QAR 3.8 billion, an increase of 3%, and a customer base increase of 5% to 3.2 million.
Ooredoo Kuwait revenue was up 13% to reach QAR 1.4 billion and it became the first telco in Kuwait to obtain a Cloud Service Provider license from the Communication and IT Regulatory Authority.
Ooredoo Oman’s customer base increased to 2.9 million while revenue was up by 2% and EBITDA by 5% despite a new entrant in the Omani market.
Ooredoo Algeria and Ooredoo Tunisia both reported revenue growth in local currency terms of 4% and 2% respectively.
Asiacell continued their strong performance and revenue increased 3%.
The integration between Indosat Ooredoo and Hutchison in Indonesia is progressing well, with the merged entity, Indosat Ooredoo Hutchison, on track to hit its targets outlined at the start of 2022.
We look forward to continuing to deliver on this continued growth and will provide further updates in due course.
Aziz Aluthman Fakhroo, Managing Director and CEO, Ooredoo
