Ooredoo reports QR8bn revenue in first quarter

Multi-national telecom operator Ooredoo Wednesday announced consolidated revenue of QR 8.037 Billion for the first quarter period ended March 31, 2015.

This figure is a drop by -1% compared to QR 8.103Bn reported for the same period in 2014.

The Qatar Stock Exchange-listed company's Earnings per Share dropped to QR 1.56 compared to QR 2.77 in 2014 Q1.

Ooredoo said its customers increased 14% to 111 million with strong growth in international markets Indonesia, Myanmar and Algeria.

The company reports a -5% drop in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to QR 3,205 Million (Q1 2014: QR 3,378m).

Net profit attributable to shareholders dropped to QR 501m from QR 887m in Q1 2014.

Commenting on the results, Ooredoo Chairman Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani said, "Our investment in broadband networks continues to deliver value for our customers and our shareholders. Ooredoo is helping to shape the development of future opportunity for consumers and businesses alike across its developing market economies.

"Our customers are benefiting from our services delivered over our ultra-high-speed networks. The first quarter results demonstrate the diversity of Ooredoo's services that have attracted an increasing number of customers."

 Ooredoo Chief Executive Officer Dr. Nasser Marafih said, "The first quarter of 2015 reflects the successful execution of our data-centric strategy. Customers have grown by 14% to 111 million and revenue continues to be driven by our ultra-fast broad band networks.

"Data revenue has increased to 30% of total revenue. Results have been strong in our home market, Qatar and in Oman. We are facing challenges in some markets including high levels of competition, adverse currency movements and the security situation in Iraq. However, we remain optimistic about the future potential of our strategy to generate long-term value." Among the bright sparks of the first quarter results, Ooredoo Qatar delivered strong growth with revenue increasing by 16% to QR 1,986 Million (Q1 2014: QR 1,706M) and customer base grew by 12% to 3.3 million. The EBITDA increased by 18% to QR 980M compared to the first quarter 2014. Net profit for Q1 2015 increased by 88% to QR 616M (Q1 2014: QAR 327M) due to higher EBITDA and sale of investments.

Ooredoo Oman's total customer base grew by 12% to 2.7 million compared to Q1 2014. Revenue growth of 12% to QR 582M for Q1 2015 was driven by strong growth of mobile and fixed data revenues, international voice revenue and value added service revenue, offset partially by a decline in SMS revenue. EBITDA also increased by 24% to QR 320M compared to Q1 2014 due to revenue growth and lower cost of sales partially offset by higher operational expenditure. Net profit increased by 21% to QR 101 Million compared to Q1 2014.