Ooredoo Group reports Q1 revenue growth of 1% to QAR7.3bn

30 Apr 2020

Qatar-based Ooredoo Group reported Q1 2020 revenue growth of 1% year-on-year to QAR7.3 billion (USD2.0 billion) supported by robust mobile growth in Indonesia, Tunisia, Myanmar and other markets, which was partially offset by a COVID-19 impact, a reduction in handset sales and macroeconomic weakness in some of its markets. Data revenues accounted for more than 50% of total revenue. Group EBITDA declined by 5% year-on-year to QAR3.0 billion, impacted by measures to contain the spread of COVID-19 in many territories as well as challenging market conditions in Algeria, Kuwait and Oman. Group net profit attributable to Ooredoo shareholders declined by 8% to QAR387 million in Q1 2020 compared to the same period last year, due to the reduction in EBITDA which was partially offset by a more favourable Foreign Exchange environment y-o-y. Ooredoo reported its total consolidated customer base rose 6% y-o-y to 118 million at 31 March 2020.

Ooredoo Qatar reported flat revenues y-o-y at QAR1.8 billion in 1Q20 with domestic EBITDA falling to QAR966 million (Q1 2019: QAR1.037 billion).

Ooredoo added that it has healthy cash reserves and liquidity levels to be able to absorb the impact of COVID-19 for the year 2020. As COVID-19 lockdowns continue, it is expected to result in economic weakness in most of Ooredoo’s markets with a corresponding impact on the performance of operations.

Qatar, Ooredoo Group, Ooredoo Qatar