Ooredoo Oman posts 11 per cent net increase

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Business Reporter –
MUSCAT, JAN 25 –
Omani Qatari Telecommunications Company’s SAOG (Ooredoo) revenues for the year 2016 grew by 7.1 per cent to RO 270.0 million compared with RO 252.1 million in 2015. The growth was driven by increases in both mobile and fixed data revenue, the telecom operator said in a filing to the Capital Market Authority (CMA) yesterday.
Announcing its unaudited financial results for the year ended December 31, 2016, Ooredoo reported that EBITDA stood at RO 148.3 million compared to RO 137.5 million for the year 2015. EBITDA growth for the year was driven by higher revenue.
Net profit for 2016 was RO 46.3 million compared with RO 41.6 million in 2015. Increase in net profit for the year was driven by higher EBITDA partially offset by higher depreciation cost due to investment in network modernisation, the company said.
Commenting on the results, CEO of Ooredoo Oman, Ian Dench said: “We are delighted with our full year results for 2016, showing a net profit increase of more than 11 per cent year-on-year. This demonstrates that we successfully managed our cost base and grew our revenue at the same time. Ooredoo Oman continues to provide the products and services that our customers need and want. The year saw the end of our four year network modernisation programme. This significant investment in our technology delivered a cutting edge network.”