October 27, 2022 telecom

Ooredoo 9-month revenues hit $4.67bn, up 4%


Ooredoo group has reported a revenue for the nine-month period ended September 30, 2022 of QR 16.9 billion, an increase of 4% compared to the same period last year.

The group EBITDA for the period was QR6.9 billion, a decrease of 1%. EBITDA has been normalised for two Indonesian non-recurring items, i.e., the data centre deal in 2022 and the tower sale & lease back in 2021, Ooredoo said.

Capex for the period stood at QR1.6 billion and free cash flow increased 3% to reach QR5.3 billion mainly driven by lower Capex.

The group's net profit increased by 33% to reach QR2.1 billion for the nine months ended September 30, 2022. Net profit has been normalised in the same manner as EBITDA plus impairments and FX impact, it said.

The consolidated customer base of the group stood at 55 million, driven by growth in most markets offset by a decline in Myanmar.

Ooredoo said due to the merger of Indosat Ooredoo (IO) and Hutchison 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.”

Operational highlights:

• On August 11, Ooredoo Group unveiled the company’s brand-new logo and tagline “Upgrade Your World”. The new tagline is about enabling human progress, reflecting the Company's commitment to keep improving, never standing still.

• On September 7, Ooredoo Group announced the planned sale of its telecom business in Myanmar to Nine Communications at an enterprise value of $576 million. The transaction is pending the usual regulatory approvals.

• On September 26, Ooredoo Group announced that it is potentially carving out its tower portfolio, comprising of approximately 20,000 towers, to extract optimal value from its infrastructure and create more value for customers and shareholders.

• Post period, Htar Thant Zin was appointed as Acting CEO for Ooredoo Myanmar, she will assume her new role effective 1 November 2022.

• On October 24, Ooredoo won the “Best Investor Relations officer in Qatar” award at the annual conference at the Middle East Investor Relations Association (MEIRA) Awards 2022 in Riyadh.

Commenting on the results, Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said:

“Ooredoo Group further delivered strong results for the nine-month period ended September 30, 2022 with revenue of QR17 billion and a return to net profit testament to our vision to provide robust connectivity, superior customer experiences, and increased shareholder value.

'Led by our digital transformation strategy, we continue to leverage opportunities in the market, and I can confidently say that we are well positioned to see strong returns as we remain agile and adapt to the fast-changing nature of the markets in which we operate.”

Also commenting on the results, Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo, said: “Ooredoo Group’s growth trajectory continues with the business delivering strong set of results, normalised Proforma Revenue grew by 4% to reach QR17 billion year to date.

'The GCC markets have led that top line growth with increases in Kuwait by 12%, Oman 8% and Qatar by 6%,' he said.

Ooredoo Group’s strong focus on operational efficiencies and optimised capex resulted in an EBITDA margin of 40% and a 3% improvement in Free Cash Flow over 9M 2021, despite inflationary headwinds in most of our markets, in the form of higher energy cost and currency depreciation, he said.

'Our joint venture, Indosat Ooredoo Hutchison (IOH), remains on track to hit its targets outlined at the start of 2022. IOH will report Q3 results on October 28, 2022.

'We remain focused on our growth and look forward to continuing to deliver long term value for our shareholders, customers, and the markets in which we operate.”

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