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Ooredoo 9M sales up 4% on pro forma basis; EBITDA declines 1%

27 Oct 2022

Qatar-based multinational telco Ooredoo Group reported that its consolidated revenue for the nine-month period ended 30 September 2022 stood at QAR16.9 billion (USD4.6 billion), an increase of 4% on a pro forma basis compared to the same period last year, excluding its Indonesian division which was spun off into a joint venture in January 2022 and is no longer consolidated. Group EBITDA for the period was QAR6.9 billion, a year-on-year pro forma decrease of 1%, with the report adding that EBITDA has been normalised for two Indonesian non-recurring items (a 2022 data centre transaction and a 2021 tower sale-and-lease-back). CAPEX for the nine-month period stood at QAR1.6 billion, 14% down y-o-y (pro forma). Net Profit increased by 33% (pro forma) to QAR2.1 billion in 9M22, ‘normalised in the same manner as EBITDA plus impairments and FX impact.’ The group reported its consolidated customer base stood at 55 million at end-September, down from 58 million (pro forma) a year earlier, with recent growth in most markets offset by a decline in Myanmar.

As previously reported by TeleGeography’s CommsUpdate, in September Ooredoo Group announced the planned sale of its telecom business in Myanmar to Nine Communications at an enterprise value of USD576 million, pending regulatory approvals. Also in September, Ooredoo Group announced that it is potentially carving out its tower portfolio, comprising of approximately 20,000 towers, to extract optimal value from its infrastructure and create more value for customers and shareholders.

Qatar, Ooredoo Group

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