Ooredoo Announces Preliminary Unaudited
Financial Results for Q3 2014
Net profit up 27.7% and Revenues up 11.3%
Three months ended 30 September
Nine months ended 30 September
Revenues (OMR m)
EBITDA (OMR m) *
Net Profit (OMR m)
Mobile and fixed customers (‘000)
* Certain comparative amounts have been reclassified to conform to current period presentation. The reclassifications do not affect the reported profit during the period ended 30 September 2014.
Total revenues for the first 9 months of 2014 grew by 11.3% to OMR 166.1 million compared with OMR 149.2 million for the same period in 2013. The growth is driven by increases in both mobile and fixed data revenue as well as international voice revenue.
EBITDA for the nine month period was OMR 87.9 million compared with OMR 71.1 million for the first nine months of2013 and this was driven by higher revenue.
Net profit for the nine month period was OMR 29.5 million compared to OMR 23.1 million in the same period of 2013. Net profit increase by 27.7% due to an improvement in EBITDA.
The total number of customers grew by 6.5% during the first nine months of 2014, up from 2,360,609 to 2,514,231.
Our fixed service customer base decreased by 2.4% to 59,630 customers in the first nine months of 2014 compared to 61,090 for the same period of 2013. This is due to a transition period during which we upgraded our home broadband technology. This will bring improved services to our customers. Our mobile postpaid customer base grew by 2.8% to 192,427 customers compared with 187,163 customers for the first nine months of 2013. The mobile prepaid customer base for the first nine months of 2014 increased by 7.1% to 2,262,174 compared to 2,112,356 for the same period last year.
Commenting on the results, CEO, Greg Young said:
We were pleased with our revenue growth in quarter three, which was driven primarily by an increase in both mobile and fixed data and international voice revenues. Whilst this is partly a reflection of seasonality with strong travel and celebrations with family and friends, it is also driven by our attractive, innovative and targeted customer offers.
Our Shahry Keys offer provided customers with the option of turning national voice minutes into international voice minutes. Plus, our ‘More’ recharge offers have generated huge interest and take-up in the market.
Our strong result validates the heavy investment programme in our network, which continues to deliver the coverage and data speeds that customers want, with ongoing performance improvements experienced by our customers across the Sultanate.
I thank all the Ooredoo employees for their hard work and dedication to our customers that have delivered these results. Our continued focus on growth, operational efficiency and serving our customers will continue now that we have transitioned our company to our new brand Ooredoo.