Ooredoo Announces Robust H1 2024 Financial Results
Ooredoo Q.P.S.C. (Ticker: ORDS) has reported a strong set of financial results for the first half of 2024, reflecting growth across key metrics. The company's revenue increased by 3% to QAR 11.8 billion, driven by solid performances in Iraq, Algeria, Kuwait, Tunisia, and the Maldives. EBITDA rose by 6% to QAR 5.1 billion, resulting in an EBITDA margin of 43%, an improvement of one percentage point year-on-year.
HE Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, remarked on the solid results, highlighting the company's strategic focus on maintaining leading market positions and unlocking value through operational efficiencies. "Our commitment to customer excellence and sustained network investments have been pivotal in supporting our performance," he said.
In the first half of 2024, Ooredoo achieved a normalized net profit of QAR 1.9 billion, a 14% increase compared to the same period last year. The company's capital expenditure (CAPEX) rose by 16% to QAR 1.0 billion, reflecting increased investments across several key markets. Normalized free cash flow also grew by 6% to QAR 4.1 billion.
Aziz Aluthman Fakhroo, CEO of Ooredoo Group, emphasized the company's focus on profitability and strategic priorities. "We are on track to meet our full-year targets, with a clear focus on driving profitability and advancing our strategic goals," he noted. The company completed the sale of its Myanmar operation in May and has made significant strides in fintech with the launch of 'walletii,' a mobile money app in Oman.
Ooredoo is also advancing its digital infrastructure initiatives, including the establishment of the MENA Digital Hub, a carrier-neutral data center company. The company has partnered with NVIDIA to deploy advanced AI technology, further positioning itself as a leader in digital transformation in the MENA region.
Looking ahead, Ooredoo remains committed to its strategy based on five fundamental pillars: delivering exceptional customer experience, empowering people and nurturing talent, driving innovation, evolving core operations, and maintaining a value-focused portfolio. The company is transforming into a telecom and infrastructure holding company, optimizing capital deployment and operational focus for increased asset returns.
Ooredoo's financial position remains strong, with a net-debt-to-EBITDA ratio of 0.6x and QAR 11.0 billion in cash reserves. The company continues to advance its digital infrastructure and fintech initiatives, positioning itself as a leading digital infrastructure provider in the region.
