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Ooredoo Group FY21 turnover grows 4%; net profit shrinks by 96%

15 Feb 2022

Consolidated revenue at Qatar-based Ooredoo Group rose 4% to QAR29.90 billion (USD8.21 billion) in full-year 2021, mainly driven by growth in its home market, Indonesia and Tunisia, while excluding foreign exchange impact, revenue would have increased by 7%, the company reported. Group FY21 EBITDA improved by 8% to QAR13.05 billion ‘driven by growth in Indonesia, improving macroeconomic conditions in Kuwait and increased customer confidence in Algeria,’ with the EBITDA growth figure reaching 11% if excluding FX impact. Annual net profit attributable to Ooredoo shareholders fell by 96% to QAR47 million, mainly due to FX losses and impairments in Myanmar. The negative impact was partly offset by profit from the sale and leaseback of Indosat Ooredoo’s Indonesian tower assets. Excluding these one-offs and FX impact, net profit would display growth of 61% for the year.

Ooredoo reported that consolidated customer subscriptions increased 1% year-on-year to exceed 121 million at 31 December 2021 driven by strong performances in Indonesia, Oman, Algeria and Iraq.

Qatar, Ooredoo Group

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