Ooredoo Group revenues fall 3% in 9M20

Qatar-based telecoms group Ooredoo reported that its consolidated revenues declined by 3% year-on-year to QAR21.4 billion (USD5.8 billion) in the first nine months of 2020, due to the impact of the COVID-19 pandemic, with a reduction in handset sales and roaming business as well as macroeconomic weakness in some of its markets, partially offset by growth in Indonesia. EBITDA dropped 4% year-on-year to QAR9.2 billion in 9M 2020, impacted by lower revenues and higher cost of sales as well as challenging market conditions in Algeria, Kuwait, Iraq and Oman. Group net profit attributable to Ooredoo shareholders increased by 16% y-o-y to QAR1.5 billion in the nine-month period due to a more favourable foreign exchange environment compared to the same period last year. Consolidated customers were reported as reaching 119 million at 30 September 2020, up from 116 million twelve months earlier.