Sunday 6 December 2020
 
»
 
»
Story

Sheikh Faisal Bin Thani Al Thani

Ooredoo Group H1 revenue falls 3pc to $3.87bn

DOHA, July 29, 2020

Ooredoo Group, a mjaot telecom groupin the region, said that its revenue declined by 3% year-on-year to QR14.1 billion ($3.87 billion) in the first half (H1) of the year due to the Covid-19 impact.

Consequently, Ooredoo Group reported net profits of QR818 million for the first half of 2020, which were slightly down compared to the same period last year.

A reduction in handset sales and roaming business as well as macroeconomic weakness in some of our markets was partially offset by robust growth in Indonesia, Tunisia and Myanmar.

EBITDA declined by 5% year-on-year to QR6.0 billion, impacted by movement restrictions to contain the spread of Covid-19 in our markets as well as challenging market conditions in Algeria, Kuwait, Iraq and Oman.

Group Net Profit attributable to Ooredoo shareholders declined by 3% to QR818 million in H1 2020, compared to the same period last year, due to the reduction in EBITDA which was partially offset by a more favourable Foreign Exchange environment compared to the same period last year.

Data revenues account for more than 50% of total Revenue driven by our data leadership and digital transformation initiatives across the countries we operate in.

Ooredoo Group has healthy cash reserve and liquidity levels to be able to absorb the impact of Covid-19 for the year 2020, a company statement said.

Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: “Ooredoo Group, with its strong balance sheet and geographically diversified operations, has built a resilient business to successfully navigate the Covid-19 pandemic. Due to our strong digital capabilities, and innovative technology, Ooredoo Group was able to partially contain the erosion in its bottom line, despite the decline in revenues.”

Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo said: “Ooredoo Group reported revenues of QR14.1 billion in H1 2020, down 3% year-on-year due to movement restrictions designed to contain the spread of the pandemic, reductions in handset sales and macroeconomic weakness in some of our other markets. This was partially offset by strong performances in Indonesia, Tunisia and Myanmar.

“Indosat Ooredoo’s revenues increased 6%, driven by its refreshed strategy and Ooredoo Tunisia’s value creation plan supported a 6% rise in its revenues. Strong demand for data supported an 8% increase in Ooredoo Myanmar’s revenue during the period.

“In Kuwait and Oman, we have partnered with the respective Ministry of Education to launch e-learning platforms from home for the upcoming school year 2020–2021. With digitalization at our core, we continue to invest in new products and services to power the future of connectivity. In Oman we launched 5G Home Internet which enables customers to experience connectivity up to 10 times faster than the current home internet services, while bringing high speed internet access to new areas of the country, and in Algeria we continue to operate the fastest 4G network in the country spanning all 48 Wilayas,” he added.

Ooredoo Qatar withstood significant pressure and strengthened its leadership position during the first half of 2020, despite the unique challenges created by the global Covid-19 pandemic and its impact on roaming revenue and shop accessibility in particular. Reported revenue was down 4% year-on-year to QR3.5 billion (H1 2019: QR3.7 billion). EBITDA stood at QR1.9 billion (H1 2019: QR2.1 billion). Customer numbers were 3.4 million, up 1.3% year-on-year.

Ooredoo Oman reported revenues of QR1.3 billion, a reduction of 4% compared to the first half of 2019 due to a decline in prepaid mobile and roaming revenues as well as fewer sales due to retail outlet closures (for up to 14 weeks). Free local call offers were extended to the community in support of the national “Stay at Home” initiative during the period.

Ooredoo Kuwait reported revenues of QR1.2 billion for the first half of 2020, down 10% compared to the same period last year, as measures implemented to manage the Covid-19 pandemic — such as Free Daily 5GB Internet usage and Free Unlimited Local Calls — impacted an already competitive market environment.

Ooredoo Kuwait became the first telecommunications company in Kuwait to launch an e-learning solution as it sought to support schools across the country in the provision of uninterrupted education throughout the Covid-19 pandemic.  – TradeArabia News Service
 




Tags:

More IT & Telecommunications Stories

calendarCalendar of Events

Ads