Ooredoo posts 13.6% rise in net profit in Q1
Rebranded Qatari telecom group sees solid growth in first quarter
Ooredoo, Qatar's incumbent telecom operator, posted strong results for the first quarter of 2013, with net profits reaching QR808m, a rise of 13.6% compared to the same period last year.
The operator, which has operations across the Middle East, Africa, and Asia, posted revenues of 8.4bn in the first quarter, a rise of 5.2% compared to Q1 2012.
The company said that the revenue growth was driven by a strong performance in the group's home market of Qatar, in addition to further strong momentum from international operations in Algeria, Indonesia and Iraq.
As of 31 March 2013, the group's customer base stood at 91.0m, representing year-on-year growth of 7.7%.
Group EBITDA in the period decreased by 3.1% year-on-year to stand at QAR 3.7bn. EBITDA margin at the end of Q1 2013 was 44%.
His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Ooredoo said: "We have started 2013 with strong momentum across many of our key markets leading to solid revenue performance in Q1. We see positive developments in customers and usage in mobile data and broadband services in line with our strategic focus. Our re-brand to Ooredoo has been an inspiration and we are proud to have taken the first step to unify our companies under a single...brand."
Dr Nasser Marafih, group CEO of Ooredoo said: "We are introducing next-generation networks and data services. Our customers are demanding online access to services on their smartphones and we are determined to meet and exceed their expectations. We believe these enhancements present us with a number of growth opportunities and are excited about the prospects for the group in the year ahead."