Oredoo Group posts 16% increase in quarterly net profit
Qatar’s Oredoo Group has witnessed a 3% year on year revenue decline due to the Covid-19 pandemic.
Although attributed to a reduction in handset sales and roaming business, as well as macroeconomic weakness in some markets, the decline was partially offset by growth in Indonesia.
EBITDA also declined – by 4% year-on-year – to QAR 9.2 billion, impacted by lower revenues and higher cost of sales as well as challenging market conditions in Algeria, Kuwait, Iraq and Oman.
However, group net profit attributable to Ooredoo shareholders increased by 16% year-on-year to QAR 1.5 billion in the first nine months of the year, due to a more favourable Foreign Exchange environment compared to the same period last year.
Commenting on the results, Ooredoo chairman Sheikh Faisal Bin Thani Al Thani (pictured) said: “Ooredoo Group has been fortunate to have a well-diversified business - across geography and customer composition – in addition to a strong balance sheet, which has helped us maintain resilience during these challenging times.”
Commenting specifically on the 16% profit growth, he added: “We have seen a positive trend of Revenue growth in the vast majority of our markets when comparing the third quarter with the second quarter of 2020. Digital transformation continues to be a key value driver for our business. Our leadership in this area enabled us to seamlessly respond to the new operating environment and serve our customers in a safe and convenient way, in spite of the movement restrictions.
“We expanded our customer base with the launch of new products such as Ooredoo Oman’s mobile wallet, Pay+, and Asiacell’s new mobile app which has become the most downloaded app by a telecom operator in Iraq.”
In terms of operational highlights, Oredoo’s customer base grew 3% to 119 million and services such as Ooredoo Oman’s mobile wallet, Pay+, developed in conjunction with National Bank of Oman and Asiacell’s new mobile app, which has become the most downloaded app by a telecom operator in Iraq, also performed well.
Supporting its markets during the pandemic, Oredoo has donated ventilators, defibrillators, patient monitors and other emergency medical equipment to hospitals in Myanmar; laptops to students and providing access to online education portals and app-based learning solutions in Oman and Algeria; as well as targeted customer relief packages and support, featuring complimentary data and bill payment flexibility across several markets.