Ooredoo’s group first-half revenues rise 4.7%

31 Jul 2013

Qatar’s Ooredoo (whose legal change of name from Qatar Telecom came into effect this month) has reported its group results for the first six months of 2013. Consolidated revenue grew by 4.7% year-on-year to QAR17.1 billion (USD4.7 billion) in January-June 2013 (H1 2012: QAR16.4 billion), fuelled by strong performances both in Qatar and across its international footprint, particularly in Algeria, Indonesia and Iraq. As at 30 June 2013, the group’s consolidated customer base stood at 92 million (1H12: 84 million), representing year-on-year growth of 10%. Group EBITDA in the six-month period decreased by 1.7% year-on-year to stand at QAR7.7 billion (1H12: QAR7.8 billion), while EBITDA margin in 1H13 was 45%, down from 48% in the same period of 2012. Net profit attributable to Ooredoo shareholders rose to QAR1.73 billion in the first half, representing a 28.1% y-o-y increase from QAR1.35 billion, reflecting the group’s increased shareholding in Asiacell (Iraq) and Wataniya Telecom (Kuwait and five other countries).

In Qatar, Ooredoo’s revenue grew by 4.7% year-on-year to QAR3.2 billion in the six months to the end of June 2013 (H1 2012: QAR3.0 billion) and the consolidated domestic customer base reached 2.75 million (1H12: 2.43 million). The Qatari division’s 6M EBITDA decreased by 2.8% year-on-year to QAR1.60 billion (1H12: QAR1.64 billion). The commercial launch of Qatar’s first 4G LTE network in April 2013 came alongside a nationwide fibre rollout which Ooredoo said is internationally recognised as ‘the fastest in the world in terms of the average percentage of homes passed by fibre and the number of homes connected’. On-going development of Ooredoo’s entertainment portfolio saw the number of customers for its Mozaic IPTV service exceed total satellite subscriptions in Qatar during the second quarter of 2013.

At 30 June 2013, Indonesian unit Indosat’s consolidated customer base stood at 56.6 million (June 2012: 51.1 million), while revenue in 1H13 grew by 6.8% year-on-year to QAR4.38 billion (1H12: QAR4.10 billion) and EBITDA decreased 0.4% y-o-y to QAR2.09 billion (1H12: QAR2.11 billion). Ooredoo’s reporting may differ from Indosat’s individual report.

Omani subsidiary Nawras’ consolidated customer base stood at 2.3 million customers at end-June 2013 (June 2012: 2.0 million) with first-half revenue of QAR969 million (1H12: QAR939 million). Nawras’ EBITDA stood at QAR443 million in January-June 2013, down from QAR456 million a year earlier.

In H1 2013 Iraqi cellco Asiacell delivered revenue of QAR3.50 billion (1H12: QAR3.33 billion), representing year-on-year growth of 5.3%. First-half EBITDA was up by 1.2% year-on-year to QAR1.86 billion (1H12: QAR1.84 billion).

Wataniya Telecom, encompassing the Ooredoo group’s businesses in Kuwait, Tunisia, Algeria, Saudi Arabia, the Maldives and Palestine, earned revenues of QAR4.86 billion in 1H13, a year-on-year increase of 0.6% (1H12: QAR4.83 billion) while EBITDA shrank to QAR1.94 billion (1H12: QAR2.02 billion).

Indonesia, Iraq, Oman, Qatar, Asiacell, Indosat Ooredoo (incl. IM2), Ooredoo Group, Ooredoo Oman, Ooredoo Qatar