Ooredoo Oman Q1 net profit up 15.9 per cent

Business Reporter -

MUSCAT, APRIL 25 -

Ooredoo Oman has reported a 0.3 per cent increase in revenues for the first three months of 2018 to RO 68.0 million compared with RO 67.8 million in 2017. The growth is driven by increases in both mobile and fixed data revenue, the telecom operator said.

Announcing its initial unaudited results for Q1 2018, it noted that EBITDA for the first three months of the year stood at RO 37.1 million compared to 36.9 million for the first three months of 2017. The improvement in EBITDA for the quarter was driven by growth in revenue.

Net profit for the three months of 2018 was RO 8.0 million compared with RO 6.9 million in the same period of 2017. Higher net profit for the quarter is driven by lower depreciation as Q1 2018 had a one off reversal relating to last year. Total number of customers at the end of the first three months of 2018 remained strong at 3,056,613 compared to 3,059,344 for the same period of 2017.

The fixed service customer base increased by 33.4 per cent to 124,176 customers in Q1 2018 compared to 93,092 in the same period 2017. The mobile post-paid customer base grew by 0.5 per cent to 224,427 customers compared with 223,222 customers in Q1 2017. The mobile pre-paid customer base for Q1 2018 decreased by 1.3 per cent to 2,708,010 compared to 2,743,030 for the same period of last year and the decrease was driven by the standardisation of welcome pack offers by the operators based on the guidance from regulator.

Commenting on the results, CEO Ian Dench said: “Throughout the first quarter of 2018 we have stayed true to our commitment to upgrade and expand our services across the Sultanate, which is reflected by our revenue growth. As the Sultanate’s data experience leaders, we have fulfilled our promise of the expansion of our high-speed 4G network to over 1,000 locations, now covering 90 per cent of Oman’s population.”

“We have invested many hours, manpower and finances to transform our data services in a way that enriches our customers’ experiences across all mediums. Ooredoo’s Superfast Fibre Home Broadband service, which is now available to thousands of residents, extends its reach as we continue to provide coverage across the capital, so more families can enjoy our high speed connectivity.”

“Our customer base has remained strong throughout the first quarter and continues to grow as we maintain our commitment to customer service and innovation. We continue to work towards creating connectivity which is greater, faster and more reliable. As a result, we have provided a number of benefits to residents, tourists and businesses throughout Oman and expect these benefits to only get better during 2018,” he added.