Ooredoo Group reported strong results with net profit surging on the back of solid performance in Myanmar, but the company is not ruling out a sale of its unit there.
Group net profit for H1 surged 43% to QAR1.3 billion (US$357m), while EBITDA for the group was flat with an increase of 2% to QAR4.5 billion, and revenue grew 4% to QAR11 billion.
The Myanmar unit contributed QAR545 million in revenue, a 12% rise, and QAR228 million in EBITDA a 101% year-on-year surge.
In an earnings call to detail Q2, Ooredoo Group managing director and CEO Aziz Fakhroo acknowledged Myanmar contributed to the group’s strong results.
“The performance of Myanmar has been very strong this quarter. Since the beginning of the year, we were still committed to the business and supporting Myanmar's management and for the strong performance."
The chief executive added there is no immediate plans to sell the unit but did not rule out a potential sale in future.
“That being said we will always be opportunistic in reviewing any strategic options for the time being we have nothing to report to the shareholders. To the extent we do view a value creating transaction whether in Myanmar or for an acquisition at that point of time we will report it," said Fakhroo.
Reuters reported the company was planning an exit from Myanmar, as rival Telenor sold off operations after a military junta took over the country. In January, the new regime laid out a hefty 15% tax on internet providers.
