Yesterday, the Ooredoo Group announced its financial results for the three months ending on March 31, 2023, recording an increase in revenues by 2% to reach 5.6 billion riyals, driven by mobile data business, corporate fixed line services, corporate sales and handset sales.
Ooredoo achieved a net profit for the first quarter of 961 million riyals, compared to 671 million riyals during the first quarter of 2022. The adjusted net profit amounted to 795 million riyals, compared to the number recorded in the first quarter of 2022, which amounted to 689 million riyals, which was adjusted as a result of the effect of the exchange rate.
She explained that the unified customer base amounted to 56.5 million customers, as a result of the growth in the number of customers in most markets, with the exception of Myanmar, which was affected by the imposition of new taxes on mobile line segments.
His Excellency Sheikh Faisal Bin Thani Al Thani, Chairman of the Board of Directors of Ooredoo Group, said: “By the end of the first quarter, the group achieved excellent results, as the company’s revenues amounted to 5.6 billion riyals, with a noticeable increase in adjusted net profit. This success is a testament to our commitment to providing strong communications services, an exceptional customer experience, and the highest value for our shareholders.
He added, “Our digital transformation strategy has been a key element in this success, and has allowed us to effectively take advantage of the opportunities available in the markets, and prepare for more successes and growth in the future. Our ability to maintain the company’s flexibility and adapt to the rapidly changing nature of the markets in which we operate puts us in a position that enables us to continue to grow and achieve strong returns.”
In turn, Mr. Aziz Al-Othman Fakhro, Managing Director of Ooredoo Group, said: “I am pleased that our revenues achieved a strong growth of 2%, and I am pleased that we achieved an increase in the EBITDA margin by one percentage point to reach 43%, which reflects the efficiency of outstanding operational performance and exceptional work.” and the great commitment of all our employees despite the challenges we faced, as our adjusted net profit increased significantly by 15%. We were also keen during the first quarter to provide a high-quality experience for our customers, which is a true reflection of the company’s firm commitment to excellence.”
