Vodafone Qatar Reports 11.5% Surge in Profit as Revenue Hits QR 2.4 Billion for 2024
Vodafone Qatar P.Q.S.C. has announced its consolidated financial results for the nine months ended 30 September 2024 with improvement across all key performance indicators.
Some of the key highlights from the nine months ended 30 September 2024 compared to the same period in 2023 are as follows:
- Total Revenue increased by 3.9% to QR 2.4 billion
- Service Revenue increased by 2.8% to QR 2.1 billion
- EBITDA increased by 6.4%, exceeding QR 1 billion
- EBITDA Margin expanded by 1.0 ppts to 42.3%
- Net Profit increased by 11.5% to QR 437 million
- Total Mobile customers stood at 2.1 million subscribers
For the nine months ended 30 September 2024, the Company reported Net Profit of QR 437 million, reflecting strong growth of 11.5% compared to the same period last year, mainly driven by higher Service Revenue.
Total Revenue for the period increased by 3.9% year-on-year reaching QR 2.4 billion, driven by a 2.8% growth in service revenue, which reached QR 2.1 billion. This increase is attributed to the sustained growth across all segments of the business, including mobility, managed services, Internet of Things (IoT), wholesale and fixed broadband services (Gigahome) and handsets. Vodafone Qatar is now serving 2.1 million mobile customers.
EBITDA exceeded QR 1 billion in nine months period, an increase of 6.4% year on year, led by higher service revenue and the continued effectiveness in implementing the Company’s cost optimization programme. Similarly, EBITDA margin further expanded by 1 ppts year-on-year to reach 42.3% due to cost optimisation. Moreover, underlying EBITDA margin, excluding equipment, reached 46.7% (+1.7ppts year-on-year).
Lastly, the Company achieved a return on capital employed of 11.3% (annualised) for the nine months of 2024, reflecting a 0.7ppts increase compared to FY 2023. This is the result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth.
