(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Ooredoo announced its financial results for the quarter ended 31 March 2024, yesterday. The revenue increased by 4% to QR5.9bn in first quarter (Q1) of 2024, the EBITDA was up by 6% to QR2.5bn and EBITDA margin expanded to 43%, up by one percentage point (pp). While the normalised net profit reached QR1bn, up by 26%.
Commenting on the results, Sheikh Faisal bin Thani Al Thani, Chairman of Ooredoo, said:“Ooredoo commenced the first quarter of 2024 on a strong note, delivering revenue of QR5.9bn, up by 4% with an increase in normalized net profit of 26%. This performance is supported byour commitment to excellence across our global footprint with the delivery of best-in-class connectivity and exceptional customer experience.
We are pleased to report that the recommendation by the Board of Directors to distribute a cash dividend of QR0.55 per share was approved by our shareholders during the AGM held on 6 March 2024.
Looking ahead, Ooredoo will continue to deliver lasting value for our stakeholders through operational efficiencies and key strategic initiatives. Our clear strategy, seasoned leadership, and advanced networks, positions us as an industry leader.”
Also commenting on the results, Aziz Aluthman Fakhroo, CEO of Ooredoo Group said: “Ooredoo made a strong start to the year, achieving solid financial KPIs with continued customer growth.
Revenue increased by 4% to QR5.9bn. The solid topline growth and implementation of cost control measures led to the delivery of operating leverage, boosting profitability and efficiency; EBITDA expanded by6% to QR2.5bn with a healthy EBITDA margin of 43%, expanding by 1pp.
The Group's performance for the quarter was backed by the strong operational performance in Iraq, Algeria, Maldives, and Tunisia.
Ooredoo delivered a healthy normalized net profit of QR1bn, up by 26% and normalized FCF generation of QR2.2bn, up by 11%.
Ooredoo is progressing well against its strategic priorities; in our fintech operation, we are pleased to announce that in Oman, we have been granted a Payment Service Provider license on 28 April 2024.
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