Qatari multinational telecommunications company Ooredoo has posted strong financial results for the first half (H1) of 2021, maintaining its growth momentum despite operational challenges caused by the COVID-19 pandemic.
In the period ending on June 30, Ooredoo revenue stood at QAR 14.5 billion (USD 4 billion), an increase of 3% compared to the same period last year, mainly driven by growth in its home market Qatar, Indonesia, and Tunisia, said a press release from the digital telecommunications company.
Group EBITDA for H1 2021 was QAR 6.4 billion with a corresponding EBITDA margin of 44%, driven by growth in Indonesia, Qatar, Kuwait, Tunisia, and Algeria. The EBITDA growth rate stood at 7% and at 10% excluding FX impact.
Meanwhile, the consolidated customer base increased by 1% due to growth in Indonesia, Oman, and Iraq, offsetting the decline in other markets.
However, the Group Net Profit attributable to shareholders turned negative due to impairments (QAR 2,341 million, mainly from Ooredoo Myanmar) partially offset by profit from the sale and leaseback of Indosat Ooredoo’s tower assets (QAR 1,000 million). Excluding these one-offs and FX impact, Net Profit increased by 52%.
Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: “We had a good first half of the year, with a revenue increase of 3%, as we further progressed our digital strategy, whilst effectively managing our costs and overheads to support the growth of our business across our various markets. Consequently, our EBITDA margin improved to 44%, up from 42% for H1 2020, despite the challenges presented to us due to COVID-19."