Ooredoo Announces Q4 Results- Ooredoo Oman Sees a 7% Decline in Revenue

Ooredoo Q.P.S.C have announced their financial results for Q4 with Ooredoo Oman seeing a 7% fall in revenues.

Ooredoo Q.P.S.C. has announced its financial results for the year ended 31 December 2021 with Ooredoo Oman seeing a 7% fall in revenue.

The financial highlights are as follows:

  • Revenue for the full year ended 31 December 2021 stood at QAR 30 billion, an increase of 4% compared to the same period last year. Mainly driven by growth in our home market Qatar, Indonesia, and Tunisia. Excluding FX impact, revenue increased 7%.
  • Group EBITDA for the period was QAR 13 billion with a corresponding EBITDA margin of 44%, driven by growth in Indonesia, improving macroeconomic conditions in Kuwait and increased customer confidence in Algeria. The EBITDA growth rate stood at 8% and at 11% excluding FX impact.
  • Free Cash Flow increased by 30% to reach QAR 8.2 bn
  • Group Net Profit attributable to shareholders stood at QAR 47 million. The 96% reduction was mainly due to FX losses and the impairments in Myanmar. The negative impact was partly offset by profit from the sale and leaseback of Indosat Ooredoo’s tower assets (QAR 1,000 million). Excluding these one-offs and FX
    impact, Net Profit had growth of 61%.
  • Consolidated customer base at year end exceeded 121 million due to strong performances in Indonesia, Oman, Algeria, and Iraq.
  • The Board recommends the distribution of a cash dividend of QAR 0.30 per share. This recommendation is based on healthy balance sheet, adequate liquidity, and overall solid operational performance.

“Ooredoo Group ended 2021 demonstrating further resilience, as we reported solid results for the end of the year, driven by the ongoing implementation of our digital transformation and cost optimisation programmes in our core markets. Revenues increased to QAR 30 billion, and our EBITDA margin improved to 44%, up from 42% for FY 2020.

We are proud to report an improvement in our free cash flow by 30%. During 2021, we maintained our position as a digital enabler through rolling out innovative products to our customers and providing reliable connectivity across all the markets in which we operate, which subsequently resulted in increased customer confidence in our business. We are excited about our new partnership in Indonesia, where Indosat Ooredoo Hutchison will become a stronger No.2 player, a compelling value creation in a new world-class digital telecoms and internet company for Indonesia. Finally, I am pleased to announce that the Board will recommend the distribution of a cash dividend of QAR 0.30 per share at the annual general meeting, taking place on 8 March 2022.”

HE Sheikh Faisal Bin Thani Al Thani, Chairman, Ooredoo

Ooredoo Oman’s performance was further impacted by increasing competition and the entrant of the third operator in the market which led to a pronounced decline in revenue, with the prepaid segment being affected the most. The government-imposed lockdowns and the effects of the Tropical Cyclone ‘Shaheen’ resulted in a decline in revenue of 7% to QAR 2.3 billion in 2021. Consequently, EBITDA for the year declined 10% to QAR 1.2 billion compared to QAR 1.3 billion in 2020.

Ooredoo Oman’s customer base increased to 2.9 million for the year ended 30 December 2021, compared to 2.8 million for the same period last year.
The company further invested in its digitalisation efforts with the launch of international money transfer service via its mobile money platform, Pay+.
Roll out of 5G continued across Oman, despite the launch of services by a third mobile network operator in the market.

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