Ooredoo Group reports QR5.5bn revenue for Q1

April 28, 2022

Ooredoo Group announced yesterday revenue of QR5.5bn for the quarter ended 31 March 2022, a decrease of 23 percent compared to the same period last year. Excluding Indosat Ooredoo, revenues increased by 4 percent. Net profit for the first quarter increased by 241 percent to QR659m due to improved operational performances across all the Opcos and fewer forex losses in Myanmar. Excluding FX impact NP increased by 48 percent.
Net Profit for the period increased by 241 percent to QR659m due to improved operational performances across all the Opcos and fewer forex losses in Myanmar. Excluding FX impact net profit increased by 48 percent.
Group EBITDA for the period was QR2.3bn, a decrease of 28 percent while excluding Indosat Ooredoo, EBITDA growth rate was 1 percent. CAPEX for the period was QR372m while free cash flow was QR2bn, an increase of 8 percent excluding Indosat Ooredoo.
Consolidated customer base excluding Indosat Ooredoo stood at 55m, driven by growth in Qatar, Kuwait, Iraq, and Palestine offset by a drop of customer numbers in Myanmar.
Due to the merger of Indosat Ooredoo and Hutchinson in Indonesia as of January 4, 2022, the accounting treatment of Ooredoo’s previous largest international operation has been changed. Indosat Ooredoo Hutchison (IOH) Revenue, EBITDA, customers, and Capex are no longer consolidated, as the operation is now classified as a ‘joint venture company’.
Commenting on the results, Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: “Ooredoo Group delivered a healthy set of results during the first quarter of 2022 with revenues of QR5.5bn. Despite the ongoing geopolitical instability globally, all Ooredoo Operating companies have been growing revenue in local currency terms.”
“On January 4, we announced the successful completion of the merger between Indosat Ooredoo and 3 Indonesia, resulting in the formation of Indosat Ooredoo Hutchison. Keeping our customers at the forefront, digital transformation and technology are driving forces behind Ooredoo Group’s quick response to changing market conditions. Additionally, we were selected as the Official Global Connectivity Services Provider for FIFA World Cup Qatar 2022, which is testament to our strong, innovative, and reliable network services that exceed global standards and best practice,” he added.
Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo said: “Ooredoo Group delivered a strong set of results for the quarter ended 31 March 2022. Excluding Indosat Ooredoo, revenue and EBITDA increased by 4 percent and 1 percent respectively. We continue to see successful results from our transformation strategy, as demonstrated by our free cash flow of QR2bn, which excluding Indosat Ooredoo increased by 8 percent.”
“Our home market of Qatar delivered strong results with a revenue increase of 6 percent to QR1.9bn, and a customer base increase of 6 percent to 3.2m. Ooredoo Kuwait reported a 14 percent increase in revenue to QR693m, supported by an improved EBITDA margin of 29 percent,” he said.

“Ooredoo Oman’s EBITDA for the period increased 2 percent to QR321m. Ooredoo Algeria and Ooredoo Tunisia both reported top line revenue growth in local currency terms of 5 percent and 3 percent respectively. Asiacell extended its 4G coverage to 100 percent of its sites, upgraded the network with enhanced Data speed (4G+) and enhanced network resilience by introducing segmented routing in the transport network, resulting in a customer base increase of 10 percent,” he added.
“Indosat Ooredoo Hutchison signed several partnerships in the first quarter of the year as it further leverages its position as the number two player in the market, to bring new and innovative products and services to Indonesia. We look forward to reporting the further growth of the business in due course,” he

said.
Ooredoo Qatar delivered a strong performance during the period, boosted by Qatar’s increasingly dynamic economy and growing population. Reported revenue grew 6 percent to QR1.9bn (Q1 2021: 1.8bn) driven by growth in post-paid services, Ooredoo tv and B2B services. EBITDA grew by 2 percent to QR977m while EBITDA margin stood at 52 percent. Service Revenue grew by 7 percent year-on-year. Total customer numbers were 3.2m, up 6 percent year-on-year.
All product lines saw stronger returns compared to Q1 2021. Overall mobile customer base increased by 7 percent year-on-year, while the Ooredoo tv customer base grew by 8 percent, driven by the popularity of Ooredoo tv’s triple play service and an expanded range of content providers.
Ooredoo Qatar signed an agreement with Qatar Environment and Energy Research Institute (QEERI), part of Hamad Bin Khalifa University (HBKU), to collaborate on the joint development of innovative smart solutions including indoor and outdoor air quality solutions during the period and was announced as the Internet of Things connectivity enabler for Toyota’s new Lexus connected car services in Qatar.
The company continued to invest in sponsorship during the period, hosting the popular Ooredoo Marathon and sponsoring Smart City Expo Doha 2022, the Ooredoo Qatar Major 2022 and the 2022 Camel Racing Festival.
Oman’s economy showed signs of recovery on the back of increasing oil prices coupled with the Omani government’s incentivisation programme for businesses, resulting in Ooredoo Oman’s growth for the first quarter of 2022.
The Company reported revenues of QR613m for the period, primarily driven by an increase in wholesale revenue on the back off its national roaming services agreement with a new market entrant, as well as increased device sales. Kuwait continued to lift COVID-19 restrictions which positively impacted Ooredoo Kuwait’s revenue and margins for the first quarter of 2022.
The company reported 14 percent increase in revenue to QR693m for the quarter ended 31 March 2022. EBITDA increased 17 percent, supporting an improved EBITDA margin of 29 percent.
Asiacell reported revenue of QR883m during Q1 2022, an increase of 4 percent, compared to QR852m in Q1 2021, which was primarily driven by data revenue growth and improving economic conditions.
Ooredoo Algeria reported a robust performance for the quarter ended 31 March 2022, driven by its ongoing cost optimisation initiatives. Revenues remained stable at QR546m, up by 5 percent in local currency terms. EBITDA increased 11 percent to QR208m.
Ooredoo Tunisia reported revenue of QR380m, an increase of 3 percent in local currency terms. The merger between Indosat Ooredoo and 3 Indonesia closed on January 4, resulting in the formation of Indosat Ooredoo Hutchison (IOH) - now considered a joint venture, as opposed to a subsidiary. With this, Ooredoo Group only recognises 33 percent of IOH’s profits as a contribution towards the Group’s net income, and no longer consolidates the Company’s revenue or EBITDA contribution. IOH will report their Q1 results on
April 28.
Ooredoo Myanmar delivered revenues of QR272m, an increase of 8 percent, and a 117 percent growth in EBITDA driven by strong cost savings. In local currency terms, the Company reported a 38 percent growth in revenue.

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