Ooredoo Group posts QR30bn revenue for 2021; board proposes QR0.30 cash dividend

Ooredoo Group posts QR30bn revenue for 2021; board proposes QR0.30 cash dividend

Ooredoo Group’s revenue for 2021 stood at QR30bn, registering a 4% increase compared with the same period in 2020 mainly driven by growth in Qatar, Indonesia, and Tunisia. Excluding FX impact, revenue increased 7%.

Group EBITDA for the period was QR13bn with a corresponding EBITDA margin of 44%, driven by growth in Indonesia, improving macroeconomic conditions in Kuwait, and increased customer confidence in Algeria. EBITDA growth rate stood at 8% and at 11%, excluding FX impact. Free cash flow increased by 30% to reach QR8.2bn.

Group net profit stood at QR47mn. The 96% reduction was mainly due to FX losses and impairments in Myanmar. The negative impact was partly offset by profit from the sale and leaseback of Indosat Ooredoo’s tower assets (QR1,000mn). Excluding these one-offs and FX impact, net profit had a growth of 61%.

Consolidated customer base at year-end exceeded 121mn due to strong performances in Indonesia, Oman, Algeria, and Iraq. The board recommended the distribution of a cash dividend of QR0.30per share. This recommendation is based on healthy balance sheet, adequate liquidity, and overall solid operational performance.

On December 28, 2021 Ooredoo Group and CK Hutchison announced the approval of the $6.0bn merger between the two businesses following