(MENAFN- The Peninsula)
The Peninsula
DOHA: Ooredoo (“Ooredoo”) – Ticker: ORDS yesterday announced its financial results for the six-month period-ended 30 June 2024.
The Group delivered a double-digit Normalized Net profit growth of 14% YoY to QR1.9bn (H1 2023: QR1.6bn). Normalized Net Profit is adjusted for foreign exchange, impairments, and exceptional items. The reported Net Profit reached QR1.9bn (H1 2023: QR1.8bn), up by 4% YoY.
Commenting on the results, sheikh Faisal bin Thani Al Thani, Chairman of Ooredoo, said:“Ooredoo Group delivered a solid set of results for the first half of 2024. Revenue grew by 3% to QR11.8bn with a noteworthy increase in normalized net profit of 14%. The sustained investment in our networks, strong market position and our commitment to customer excellence supported the performance.
In May, we completed the sale of Ooredoo Myanmar to Nine Communication Pte. This transaction is aligned to the 'value focused pillar' of our strategy to maintain leading market positions in the countries that we operate in.
Ooredoo continued to make good progress in executing its disciplined strategy aiming to unlock value through operational efficiencies and key strategic initiatives while navigating industry complexities.
Looking ahead as we strategically evolve toward becoming the leading digital infrastructure player in the region, we remain focused on efficiencies and value creation with aforward-thinking approach to navigate industry dynamics with resilience and adaptability.”
Also commenting on the results, Aziz Aluthman Fakhroo, CEO of Ooredoo Group said:“The strong commercial and operational momentum carried into the first half of 2024, resulting in another strong quarter with growth across all key financial metrics.
In H1 2024, revenue grew by 3% to QR11.8bn, while EBITDA increased by 6% to QR5.1bn, resulting in an EBITDA margin of 43%, improving by 1 percentage point YoY. This growth reflects healthy operational performances in Iraq, Algeria, Qatar, Tunisia and Maldives.
Our clear focus on driving profitability has led to a Normalized Net Profit growth of 14% to QR1.9bn while normalized Free Cash Flow grew by 6% to QR4.1bn.
We continued to deliver on our strategic priorities with tangible progress in the first half of the year. In May, we completed the sale of our Myanmar operation after receiving all required approvals. On the fintech front, OFTI launched 'walletii', a mobile money app. Additionally, we established MENA Digital hub, our carrier-neutral data centre company.
Looking ahead, we are on track to meet our full-year targets. We remain committed to boosting profitability across our operations while advancing our strategic priorities as we forge ahead to become the leading digital infrastructure provider in the region.”
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