Ooredoo Group subscribers up 9% to 117m in 2015

2 Mar 2016

At the end of 2015 Qatar-based Ooredoo Group’s consolidated customer base stood at 117 million, a 9% increase from 107 million at end-2014, although annual group revenue decreased by 3% to QAR32.161 billion (USD8.823 billion) in FY15 from QAR33.207 billion the previous year. Group EBITDA increased by 1% to QAR13.018 billion with EBITDA margin improving to 40% (FY 2014: 39%). Net Profit attributable to Ooredoo shareholders for 2015 stood at QAR2.118 billion (FY 2014: QAR2.134 billion).

Ooredoo Qatar saw revenues rise 10% to QAR7.897 billion in 2015 (2014: QAR7.148 billion), and EBITDA increase by 16% to QAR3.995 billion, resulting in a domestic net profit of QAR2.138 billion (an increase of 11% year-on-year). Qatari wireless broadband customers grew strongly while total customers increased by 11% to 3.5 million at end-2015, encouraged by ongoing expansion of 4G LTE-A and direct fibre services.

Indonesia’s Indosat Ooredoo generated solid revenue (11%) and EBITDA growth (14%) in local currency terms as well as significantly increasing its customer base by 10% to nearly 70 million supported by its network modernisation, 3G coverage extension to priority areas and commercial 4G LTE data services launch (November 2015). However, an 11% depreciation of Indonesian Rupiah during 2015 negatively impacted results reported in QAR. Revenue stood at QAR7.274 billion in 2015, down 2% from QAR7.395 billion in 2014. EBITDA increased by 1% to QAR3.303 billion in 2015 with EBITDA margin improving by one percentage point to 45%. Net Loss improved to QAR320 million in 2015 from QAR564 million in 2014. Excluding FX impact, Indosat Ooredoo would have recorded a net profit of QAR175 million in 2015.

Ooredoo Myanmar recorded its first full year of financial results, reporting that its mobile customer base exceeded 5.8 million by end-2015, following its commercial launch in August 2014. It delivered annual revenues of QAR1.065 billion for 2015 (compared to QAR189 million in 2014). EBITDA loss stood at QAR76 million in 2015, compared to QAR357 million in 2014.

Ooredoo’s customer base in Algeria was 13 million at the end of 2015, an increase of 7% on 2014, and the Algerian unit recorded 8% revenue and 26% EBITDA growth in local currency terms for the year, although figures reported in QAR were impacted by a 19% depreciation of the Algerian Dinar. Revenue for 2015 was QAR4.023 billion, a decrease of 13% compared with 2014 turnover of QAR4.623 billion. EBITDA in 2015 was QAR1.474 billion compared to QAR1.481 billion the previous year; EBITDA margin improved to 37% in 2015 from 32% in FY14.

Asiacell, Ooredoo’s Iraqi division, was impacted by the security situation in Iraq and aggressive pricing competition in the first half of 2015, driving annual revenue down 22% to QAR4.884 billion, and its mobile customer base fell to 10.8 million at end-2015 from 12.3 million in 2014. EBITDA decreased to QAR2.136 billion in FY15 (FY14: QAR2.939 billion). Asiacell’s net profit stood at QAR159 million in 2015 (QAR1.031 billion in 2014) due to lower EBITDA and higher depreciation and amortisation expenses on the back of 3G investments. Shutdowns across Asiacell’s network impacted active subscriber numbers and revenue, but a number of areas were also liberated throughout the year with Asiacell beginning to see some return of revenue in areas such as Tikrit city. The aggressive pricing competition in H1 alleviated in the second half, with Asiacell successfully launching a series of regional pricing initiatives. In Q4 2015, Asiacell’s customer base grew by 2% on a quarter-on-quarter basis. Asiacell launched 3G services in January 2015, and as a result it achieved double-digit growth in data revenues in 2015 compared to 2014.

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