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Ooredoo Oman net profit rises 18pc to $57m

MUSCAT, July 29, 2015

Omani Qatari Telecommunications Company Ooredoo  has posted a net profit of RO22.2 million ($57.4 million) for the first half of the year, as compared to RO18.7 million in the same period last year, up 18.7 per cent.

The revenues for the period grew 12.6 per cent to RO121.9 million compared to RO108.3 million last year, said a statemnet.

The growth has been driven by increases in both mobile and fixed data revenue, it said.

Meanwhile, the increase in net profit was driven by higher earning before interest, taxes, depreciation and amortisation (EBITDA) partially offset by higher depreciation cost due to investment in network modernisation.

The telecom operator’s total number of customers grew by 11.4 per cent to more than 2.7 million at the end of the period, as compared to 2.4 million for the same period last year, said the statement.

Greg Young, chief executive officer, said: “The strong financial performance in the first half of 2015 is very encouraging. It demonstrates that our investment in modernising our network, commitment to delivering an unparalleled customer experience and providing innovative products and services, is bearing fruit. It provides us with the momentum to continue this trend in the second half of the year.


“The growth in our customer base, both personal and business, shows that we are responding to the diverse needs and wants of all sectors more effectively. We have also introduced a number of inspiring and value-added products and services that have enabled the growth of businesses, while enriching the lives of people across the Sultanate through market-leading technology.

“We promised that we would take our business to the next level with the transformation to Ooredoo and it gives me great pleasure to say that we are delivering, and will continue to deliver, on this promise. All of this would not be possible without the hard work and dedication of our Ooredoo family members who continue to be the driving force of our organisation." - TradeArabia News Service




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