Ooredoo Group on Monday announced that the Group’s revenue for 2021 stood at QR30 billion, an increase of 4 percent compared to the same period last year.
“The increase in revenue was mainly driven by growth in our home market Qatar, Indonesia, and Tunisia. Excluding FX impact, revenue increased 7 percent,” the company said in a statement.
Group EBITDA for the period was QR13 billion with a corresponding EBITDA margin of 44 percent, driven by growth in Indonesia, improving macroeconomic conditions in Kuwait and increased customer confidence in Algeria. The EBITDA growth rate stood at 8 percent and at 11 percent excluding FX impact.
The Group’s Free Cash Flow increased by 30 percent to reach QR8.2 billion.
The Group’s net profit attributable to shareholders stood at QR47 million. The 96 percent reduction was mainly due to FX losses and impairments in Myanmar. The negative impact was partly offset by profit from the sale and leaseback of Indosat Ooredoo’s tower assets (QR1,000 million). Excluding these one-offs and FX impact, net profit had a growth of 61 percent.
The consolidated customer base at the end of 2021 exceeded 121 million thanks to strong performances in Indonesia, Oman, Algeria, and Iraq.
The board recommends the distribution of a cash dividend of QR0.3 per share. This recommendation is based on a healthy balance sheet, adequate liquidity, and overall solid operational performance.
Commenting on the results, Ooredoo Chairman Sheikh Faisal Bin Thani Al Thani said, “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 QR30 billion, and our EBITDA margin improved to 44 percent, up from 42 percent for 2020. We are proud to report an improvement in our free cash flow by 30 percent.”
In 2021, he said, “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.”
Commenting on the results, Ooredoo Managing Director Aziz Aluthman Fakhroo said, “We are pleased to announce a very strong business performance with revenue growth of 4 percent and even stronger EBITDA growth of 8 percent. Our successful transformation process resulted in an impressive free cash flow of QR8.2 billion, an increase of 30 percent. Our net profit increased by 61 percent excluding the FX impact and a one-off negative impairment in Myanmar that was partially offset by a gain from the Indonesian tower sale and leaseback transaction. Qatar, our home market, continues to deliver strong results with growth in revenue of 6 percent to QR7.5 billion and a strong EBITDA margin of 52 percent.”
“Further roll out of the 5G network combined with innovative new product offers had a positive impact on Ooredoo Kuwait’s performance with a slight increase in revenue to QR2.5 billion. Ooredoo Algeria and Ooredoo Tunisia both reported top line growth in local currency terms in 2021, of 8 percent and 6 percent respectively. Ooredoo Oman’s customers increased 2 percent. Asiacell was recognised as best mobile network operator in Iraq due to its rating as the fastest mobile network and the best mobile coverage by an independent third-party research company,” he said.
Finally, Fakhroo said, “Indosat Ooredoo had a stellar year, with double-digit growth in revenue and EBITDA. The company reported an increase in revenue to QR8 billion and an improved EBITDA margin of 49 percent, driven by cost optimisation initiatives. We look forward to reporting the further growth of the business in due course.”
Ooredoo Qatar delivered a robust performance in 2021, boosted by Qatar’s strong economy. Reported revenue was up 6 percent year-on-year to QR7.5 billion, driven by growth in post-paid services, Ooredoo tv, ICT services and increased sale of devices.
Full-year service revenue grew by 5 percent. EBITDA was QAR 3.8 billion, 4 percent higher than 2020, with an EBITDA margin of 52%. Total customer numbers stood at 3.2 million.
The company continued to innovate in the entertainment space, launching its first eSports tournament as part of its new eSports brand, Ooredoo Nation – Gamers’ Land. In addition, new channels and enhanced features helped to grow its Ooredoo TV customer base by 6 percent compared to December 2020.
Ooredoo Qatar joined the 5G Accelerator programme with leading technology companies to showcase Remote Video Sports Broadcasting during the FIFA Arab Cup 2021 and developed connectivity solutions for major events in Qatar such as the Formula 1 Ooredoo Qatar Grand Prix. It also announced a strategic partnership with Qatar Development Bank to support small-to-medium enterprises on their digital journey.
Ooredoo Qatar, as consortium leader, launched the TASMU Platform, a partnership with the Ministry of Transport and Communication in conjunction with an international consortium. TASMU targets five priority sectors namely transportation, healthcare, logistics, environment, and sports, where advanced technology and innovation will be harnessed to provide smart solutions and applications, in line with Qatar National Vision 2030.
Ooredoo Group’s revenue rises 4% to QR30 billion for 2021
February 15, 2022