Ooredoo’s 2018 net profit jumps 35% to RO42mn
Omani Qatari Telecommunications Company (Ooredoo Oman) reported a net profit of RO41.9mn for the year ended December 31, 2018, registering a growth of over 35 per cent compared to 2017 net profit of RO31mn.
Higher net profit for the year 2018 was driven by growth in Ebitda and lower depreciation, the company said in its audited financial results report submitted to the Muscat Securities Market (MSM).
Ooredoo’s revenues grew 3.7 per cent to RO283.6mn in 2018 compared to RO273.6mn in the previous year. Growth in revenues was driven by increases in both mobile and fixed data revenues.
The company said its board of directors has decided to recommend to the shareholders a dividend payment of 45bz per share. Dividend payment is subject to approval of shareholders at the annual general meeting on March 5.
Commenting on financial results, Ooredoo Oman CEO Ian Dench said, “In 2018, we continued to invest in coverage and can now not only boast 95 per cent 4G network coverage across Oman, but also the speed is consistently fast from end to end. To support the growing needs of business users in Oman, Ooredoo has launched cloud services for storage and computing. With local hosting, the virtual server is backed by world-class service level agreements and offers cost-effective solutions.”
Ooredoo’s total customers base at the end of 2018 stood at 3,013,688 customers. Fixed service customer base increased 24.5 per cent to 146,368 customers in the fourth quarter of 2018 compared to 117,535 in the same period of 2017. Mobile postpaid customer base grew seven per cent to 237,523 customers from 222,040 customers in the end of 2017. Ooredoo’s mobile prepaid customer base in the end of 2018 decreased 3.7 per cent to 2,629,797 from 2,732,069 a year ago. The decrease was driven by the standardisation of welcome pack offers by the operators based on the guidance from regulator, the company said.
In another filing to the MSM, Ooredoo announced the appointment of Ahmed Abdullah al Abri as its new chief technology officer. Abri has over 19 years of experience in technology, strategy, project management and regulatory affairs.