Ooredoo turnover flatlines in FY19, climbs 8% in Q4

Qatar-based telecoms group Ooredoo’s consolidated full-year 2019 revenue flatlined at QAR29.92 billion (USD8.14 billion), which the company hailed as a satisfactory result in the face of downward pressure from the global voice-to-data consumption shift, a reduction in handset sales and macroeconomic/currency weakness in some of its markets. Furthermore, Ooredoo posted a strong Q4 with 8% year-on-year revenue growth to QAR7.95 billion in the three months ended 31 December 2019. Group EBITDA rose 5% in the full-year to QAR12.85 billion and 11% to QAR3.18 billion in 4Q19, driven by efficiency programmes and a positive impact from the implementation of IFRS16 accounting standards. Net profit attributable to Ooredoo shareholders increased by 10% to QAR1.73 billion in FY19, driven by EBITDA growth and more favourable exchange rates compared to 2018, while Indonesian unit Ooredoo Indosat’s profit benefited from the sale of 3,100 towers. The group’s customer base reached 117 million at end-2019, up by 2% in twelve months, mainly driven by take-up in Indonesia, Myanmar and Kuwait.