(MENAFN) In the first quarter of 2024, Vodafone Qatar maintained its upward trajectory, reporting a net profit of QR150 million (USD41,3 million) for the three months ending on March 31, 2024. This represents a noteworthy increase of 12.5 percent in comparison to the same period the previous year. Total revenue saw a positive growth as well, rising by 3.9 percent year-on-year to reach QR806 million.
This growth was attributed to sustained expansion across various business segments, including fixed broadband services, managed services, Internet of Things (IoT), handsets, and others. Service revenue experienced a 2.5 percent increase, reaching QR704 million.
EBITDA for the period climbed to QR338 million, reflecting a growth of 5.4 percent year-on-year. This increase was driven by higher service revenue and the effective implementation of the company's cost optimization program. As a result, the EBITDA margin expanded by 0.6 percentage points, reaching 41.9 percent.
Vodafone Qatar's customer base also witnessed growth, with the company now serving 2.1 million mobile customers, representing a 1 percent increase compared to the first quarter of the previous year.
Additionally, the company achieved a notable return on capital employed (ROCE) of 11.5 percent in the first quarter of 2024 (annualized). This reflects a 0.8 percentage point increase compared to the previous year, indicating successful capital allocation strategies aimed at diversifying revenue streams and accelerating profitable growth.
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