Doha, Qatar–Ooredoo Group’s net profits increased by 20 percent in the first half of 2023 to reach $493 million, driven by strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend.
The earnings per share (EPS) amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 for the same period in 2022.
Commenting on the results, Chairman of Ooredoo Sheikh Faisal Bin Thani Al-Thani said that Ooredoo Group made an outstanding performance, adding that these impressive achievements underscore their steadfast dedication to providing robust connectivity, exceptional customer experiences, and maximizing value for our stakeholders.
“Our digital transformation strategy has played a pivotal role in driving our success, empowering us to effectively capitalize on market opportunities and position ourselves for future growth. Looking ahead, we remain committed to exploring strategic avenues that unlock significant capital and maximize value for our stakeholders, further solidifying our position as a leader in the industry.”
Solid growth in Iraq, Algeria, Kuwait and Maldives were partially offset by a decline in revenue from Qatar and Tunisia as well as foreign exchange depreciation in Myanmar and Palestine.
In H1 2023, EBITDA remained stable at QAR 4.8 billion, with a corresponding EBITDA margin of 42%, benefiting from strong topline growth. Solid EBITDA improvement in Iraq, Kuwait and Algeria were offset by a decrease in Qatar, Tunisia, Myanmar and Oman’s EBITDA.
Ooredoo Group’s CAPEX reached QAR 873 million in H1 2023, decreasing by 10% compared to the same period last year. Notably, CAPEX expenditure for the period highlights the strategic investments made in the countries to drive growth and enhance our operations. CAPEX is expected to ramp up in the second half of the year.