Ooredoo net profit rises by 4% to QR2.2bn

 22 Feb 2017 - 22:42

The Peninsula

Ooredoo Group’s revenue touched QR33bn for the full-year of 2016, an improvement of 1 percent over 2015. In local currency terms, growth was driven by Ooredoo Qatar, Oman, Kuwait, Algeria, Tunisia, Indosat Ooredoo and Myanmar. Excluding Foreign Exchange translation impact, revenues would have increased by 2 percent year-on-year instead of the reported 1 percent.
The Group’s net profit to Ooredoo shareholders increased by 4 percent to QR2.2bn, driven by strong contributions from Ooredoo Qatar, Oman, Indosat Ooredoo, and reduced costs at Ooredoo Group headquarters, and reduced loss due to Foreign Exchange fluctuations.  Group EBITDA increased by 3 percent and stood at QR13bn with an improved EBITDA margin of 41 percent, indicating a strong operational performance. Excluding Foreign Exchange translation impact, Group EBITDA would have increased by 4 percent year-on-year instead of the reported 3 percent.
The Earnings Per Share (EPS) stood at QR6.84 in 2016, compared to QR 6.61 in 2015. Data revenue increased to 40 percent of Group Revenue. Revenue from data contributed QR13bn to the Group’s Revenue. Group B2B Revenue increased by 6 percent to QR5.5bn reflecting Ooredoo’s ongoing investment in services for business customers.
Commenting on the results, Sheikh Abdulla bin Mohammed bin Saud Al-Thani, Chairman of Ooredoo, said: “Ooredoo has delivered good value for its shareholders in 2016, with growth in Revenues, EBITDA, Net Profit and customer numbers. Fuelled by our ambition to advance from a telecom operator to a leading international communications company, we achieved significant progress in rolling out our strategy in all our markets of operations.”
Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo said: “Our financial performance has been positive over the course of the past twelve months, with a healthy Group Revenue of almost QR33bn and a robust Group Net Profit attributable to shareholders of QR 2.2bn, driven by strong contributions from Ooredoo Qatar, Oman and Indosat Ooredoo…..Our focus on efficiencies delivered an improved Group EBITDA margin of 41 percent”.