Ooredoo Group marks a $6 billion growth in Q3
Qatari telco, Ooredoo Group, released on Wednesday its 2021 third quarter (Q3) revenue report, marking a 3 percent increase in a fiscal year.
The Qatari multinational telecom firm reported a rising revenue margin touching an estimate of $6 billion for the nine months ending in September, an augmentation referenced to increasing growth in the country’s home markets, in addition to Indonesia and Tunisia.
The telco’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the last nine months had previously exhibited $2.71 billion with a matching EBITDA margin of 45 percent, led a revenue rise in Indonesia, Kuwait, and Algeria, with the EBITDA progress margin scoring 7 and 10 percent, excluding FX impact.
EBITDA measures a company’s general financial performance and is utilized as a substitute for net incomes in some incidents. EBITDA strips the cost of capital investments like property, plant, and equipment.
In parallel, the consolidated customer base rose by 2 percent to surpass $32 million, driven by a strong performance in Indonesia, Oman, Algeria, and Oman.
“On September 16, Ooredoo Group and CK Hutchison announced the signing of definitive transaction agreements for the proposed merger of their respective telecommunications businesses in Indonesia. The merged entity, to be named Indosat Ooredoo Hutchison, is set to become a stronger number two telco operator in the market,” Ooredoo highlighted in a statement.
As for Group Net Profit, shareholders’ attributions took a negative shift, mainly induced by FX losses and impairments in Myanmar. The downfall was driven by a low-profit margin in sales and leaseback of Indosat Ooredoo’s tower assets, scoring approximately $275 million.
“We reported solid results for the nine months ended 30 September 2021, driven by the ongoing implementation of our digital strategy and cost optimization program. Revenues increased by 3 percent and our EBITDA margin improved to 45 percent up from 43 percent from 9M 2020, despite the challenges presented to us due to COVID-19,” Chairman of Ooredoo, Sheikh Faisal Bin Thani Al Thani said in a statement.
During that same period, Ooredoo Qatar saw a rising growth, with revenues reaching 3 percent Year-on-Year (YoY), indicating an escalation in progress in post-paid services, business-to-business revenue, sales of Ooredoo TV, mobile financial services (MFS), and elevated sales of devices.