Vodafone Qatar reports 53% growth in net profit – The Peninsula

Vodafone Qatar reports 53% growth in net profit – The Peninsula

Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the “Company”) reported a 53 percent growth in net profit to QR502m for 2022 the company stated yesterday.

Vodafone Qatar announced its financial results for the year ended December 31, 2022, which reflect the continued improvement in the company’s financial and operational performance.

The Company reported an annual Net Profit of QR502m, a 53.4 percent (or QR175m) increase compared to the previous year mainly driven by EBITDA growth.

Total revenue for the year increased 21.4 percent year-on-year to reach QR3.1bn, due to continued growth across all business segments including Prepaid, Postpaid, Fixed broadband services (GigaHome), Managed services, Internet of Things (IoT) and others. Service revenue grew by 17.3 percent to QR2.6bn, including the revenue from world cup related services.

EBITDA increased to QR1.2bn reflecting strong growth of 19.7 percent compared to last year, positively impacted by the higher service revenue and the continued cost optimisation programme.

EBITDA margin at 40.2 percent decreased by 0.6 ppts due to higher mix of low margin projects revenue.

However, underlying EBITDA margin excluding equipment, projects and one-off benefits increased by 1.4 ppts year-on-year to reach 45.2 percent.

Total mobile customers reached 2.1m representing growth of 8.9 percent YoY. In addition to this, 419 thousand Fan