Ooredoo net profit up 102% year on year
Company financials back in good health after impact of Indonesian court case last year
Ooredoo Group's net profit grew by 102% year-over-year to QAR 756m in the third quarter of 2015, the company announced this week.
This was a one-off win for the company, as the year-ago quarter saw net profit negatively impacted by provisions related to a court case in Indonesia. Still, the company said that its profit gains had also been supported by improved margins and sale of non-core investments.
Group revenue for the nine months of 2015 reached QAR 24.2bn, an increase of 4% year-over-year, the telecoms giant said. This was partly down to a customer growth rate of 20% - Ooredoo Group now serves almost 115m customers, with the company gaining significant traction in Indonesia, Myanmar, Algeria, Qatar and Oman.
Growth in these countries helped to offset the negative impact of political instability in other territories, the company said.
"Ooredoo showed healthy growth in customer numbers adding nearly 19 million net new customers in the last 12 months. Revenue growth in local currency terms continued across our key markets demonstrating strong underlying performance of the group and significant market potential for us in our footprint," said Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, chairman of Ooredoo.
"In addition, the group profit margins showed an improved trend in the third quarter of 2015. We remain optimistic of the long term value potential of Ooredoo, despite some of the challenges we face, such as currency depreciation in some of our markets and instability in Iraq."
Group mobile data revenues delivered strong growth driven by enhanced network speeds and coverage across markets, increasing data adoption and implementation of monetisation strategies. Mobile data now represents 35% of group revenue, the company said.
"Our focus remains on our core business in consumer and enterprise segments. Ooredoo is executing its data strategy effectively across its global footprint. 4G+ is now the standard for our customers in Qatar and Kuwait and we will be rolling out bigger, faster and better networks in the rest of our operating countries," said Dr Nasser Marafih, group CEO of Ooredoo.