Ooredoo Group Reports an Increase of 4% in Net Profit for 9M 2016

Doha, October 30 (QNA) - Ooredoo disclosed its financial statements for the period ended on 30.09.2016, showing that the net profit is QR 1,832 million compared to net profit amounting to QR 1,758 million for the same period of the previous year. In a press release Ooredoo said: "Revenue stood at QAR 24 billion: In local currency terms growth in Qatar, Oman, Kuwait, Algeria, Maldives, Indonesia and Myanmar. Excluding Foreign Exchange translation impact, revenues would have increased by 2% compared to the reported flat revenue. "Group EBITDA stable at QAR 10 billion with an improved EBITDA margin of 42%, indicating an improvement in operational performance from 9M 2015 (41%). Excluding Foreign Exchange translation impact, Group EBITDA would have increased by 3% year-on-year. "Group Net Profit to Ooredoo shareholders increased by 4% to QAR 1.8 billion driven by strong contributions from Qatar, Oman, Indonesia, Algeria and Maldives. 9M Net Profit results benefitted from Foreign Exchange gains, which have been partially reversed again by FX losses in Q3. "Continued strong data growth from consumer and enterprise customers: data revenue increased to 39% of Group revenue. Revenue from data contributed QAR 9.4 billion in 9M 2016. "Group B2B revenue increased to 17% of Group Revenue or QAR 4.1 billion for 9M 2016 reflecting Ooredoo's ongoing investment in services for business customers. Customer base increased by 16% to reach almost 133 million driven by strong growth in Indonesia, Myanmar, Oman, Iraq, Tunisia, Algeria, Maldives and Palestine." The press release said Ooredoo continues to be a data leader in its markets: first telecom provider to launch 4G services in Myanmar (May 2016), 4G roll-out started in Algeria (post period October 2016). 4G networks are now available in 8 of Ooredoos 10 markets. Commenting on the results, HE Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chairman of Ooredoo, said: "Ooredoo has produced good results for the past nine months, delivering healthy profitability levels and value for its shareholders. In Q3 we have seen a positive trend for Revenue and EBITDA. We are successfully implementing our digital strategy and delivering world class infrastructure and innovative products, which helped us, increase our customer base by 16% to reach a total of almost 133 million." Also commenting on the results, HE Sheikh Saud bin Nasser Al-Thani, Group Chief Executive Officer of Ooredoo said: "Our strategy to optimize efficiencies across a consolidated portfolio resulted in improved financial results for the period. Our focus on efficiencies delivered an improved Group EBITDA Margin of 42%. "Our financial performance has been stable over the course of the past nine months, with a robust group Revenue of QAR 24 billion and a strong Group Net Profit attributable to shareholders of QAR 1.8 billion, driven by strong contributions from Qatar, Oman, Indonesia, Algeria and Maldives." (QNA)