OOREDOO Q4 NET PROFIT FALLS 17%

MUSCAT: Omani Qatari Telecommunications Co (Ooredoo) announced on Thursday that its fourth quarter 2014 net profit declined by 17 per cent to RO8.3mn from RO10mn in the same period of 2013

The decline in fourth-quarter profit was despite the 14.2 per cent increase in revenue to RO60.3mn.

However, net profit for full-year 2014 increased by 14.5 per cent to RO37.9mn due to improvement in Ebitda, which was partially offset by higher depreciation due to the investment in network modernisation, expansion and rebranding, especially in the fourth quarter, the company said in a filing to the Muscat Securities Market.

Ooredoo’s total revenues for 2014 grew by 12.1 per cent to RO226.4mn, compared with RO202mn in 2013. Its total customer base grew by 8.6 per cent in 2014 to 2,601,704 from 2,396,826 a year ago.

The fixed-service customer base fell by 10.3 per cent to 57,654 from 64,287. “This is due to the transition period where a new home broadband technology that will bring improved services to our customers is being rolled out,” Ooredoo said.

The mobile post-paid customer base grew by 4.9 per cent to 196,142 from 186,917 in 2013. The mobile pre-paid customer base for 2014 increased by 9.4 per cent to 2,347,908, compared with 2,145,622 a year earlier.

Ooredoo CEO Greg Young said, “We are delighted with our revenue growth, which has been driven by an increase in both mobile and fixed data as well as international voice revenue.”

He said the company’s rebranding to Ooredoo in the fourth quarter 2014 was a huge success and there has been a very positive response from the market. “With our Ooredoo brand came some inspiring new offers, which are generating ongoing significant interest and uptake. Our results also validate the investment in our network, providing the speed and coverage our customers need and want.”

“Our investment in 2015 will continue to improve the performance and experience of customers across the sultanate. We expanded our fibre network and are providing a future-proof network countrywide and a second-to-none customer experience,” added Young.

SOURCE: Muscat Daily