Ooredoo Oman Net Profit up by 18.7% in first half and Increased Revenue and Customer Numbers

Mobilk - Omani Qatari Telecommunications Company SAOG (“Ooredoo”) today announced unaudited financial results for the six months ended 30 June 2015:

Financial Highlights:

 

 

* Certain comparative amounts have been reclassified to conform to current period presentation. The reclassifications do not affect the reported Net profit during the period ended 30 June 2014

Key Messages

Revenues for the first half of 2015 grew by 12.6% to OMR 121.9 million compared with OMR 108.3 million in 2014. The growth is driven by increases in both mobile and fixed data revenue.

EBITDA for the first half of the year stood at OMR 68.4 million compared to OMR 57.5 million for the first six months of 2014. EBITDA growth for the year is driven by higher revenue. 

Net profit for the first half of 2015 was OMR 22.2 million compared with OMR 18.7 million in the same period of 2014. Increase in net profit for the year is driven by higher EBITDA partially offset by higher depreciation cost due to investment in network modernisation. Net profit for the first half of 2015 also include an additional income tax charge of OMR 0.9m (OMR 0.9m for the quarter) on account of tax years 2008 to 2013. 

Total number of customers grew by 11.4%, to be 2,753,140 at the end of the first half of 2015 compared to 2,472,497 for the same period of 2014.

The fixed service customer base decreased by 2.8% to 62,410 customers in Q2 2015 compared to 64,192 in same period 2014. This is due to the transition period to a new Home Broadband technology that will bring improved services to our customers. However as the migration to new technology is coming to an end we have seen the fixed customers growing by 8.2% Vs Q4 2014. The mobile post-paid customer base grew by 6.0% to 202,026 customers compared with 190,531 customers in Q2 2014. The mobile pre-paid customer base for Q2 2015 incrased by 12.2% to 2,488,704 compared to 2,217,774 for the same period last year.

Commenting on the results, CEO, Greg Young 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."