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Ooredoo proforma revenues up 4% in Q1

28 Apr 2022

Qatar-based Ooredoo Group has announced its financial results for the quarter ended 31 March 2022, noting that due to the merger of Indosat Ooredoo and Hutchinson in Indonesia in January, Indosat Ooredoo Hutchison (IOH) revenue, EBITDA, customers and CAPEX are no longer consolidated, as the operation is now classified as a joint venture company.

Consolidated group revenue was QAR5.545 billion (USD1.510 billion) in 1Q22, down by 23% on a reported basis from QAR7.197 billion in 1Q21, and up by 4% y-o-y on a proforma basis (excluding IOH) from QAR5.310 billion. EBITDA stood at QAR2.321 billion, dropping 28% from QAR3.213 billion (reported) but rising 1% from QAR2.288 billion (proforma). Net profit attributable to Ooredoo shareholders hit QAR659 million in 1Q22 (QAR193 million in 1Q21). Quarterly CAPEX reached QAR372 million, compared to 1Q21’s QAR850 million (reported) and QAR489 million (proforma). Reported consolidated group customers stood at 55 million at 31 March 2022, compared to a year-ago 118 million (including IOH) but also down 4% from 58 million (proforma), as positive growth in Qatar, Kuwait, Iraq and Palestine was offset by a drop in active subscriptions in Myanmar.

Qatar, Ooredoo Group

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