|29 July, 2019

Vodafone Qatar reports 60% growth in half-yearly net profit

Total Revenue increased to QR 1.06 billion

Doha, Qatar: Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the “Company”) reported strong financial results with growth across all key indicators for the six months ended 30 June 2019.

 Key H1 2019 Highlights compared to H1 2018

  • Total Revenue increased to QR 1.06 billion
  • EBITDA increased by 26% to QR 358 million
  • Net Profit increased by 60% to QR 78 million 

Financial Summary

Total Revenue increased by 1% to QR 1.06 billion compared to the same period of last year, driven by growth in Postpaid subscribers and higher home broadband.

EBITDA for the period stood at QR 358 million representing an improvement of 26.2% year-on-year due to the higher revenue, continued effective cost management and the application of International Financial Reporting Standard (IFRS) 16. Consequently, EBITDA margin improved by 6.7 percentage points to reach 33.7% in H1 2019.

The Company reported a half-yearly Net Profit of QR 78 million, representing a robust increase of 60% year-on-year, mainly driven by higher EBITDA. Excluding the one-off provision release benefit in H1 2018, underlying Net Profit more than doubled with a growth of 125%.

Vodafone Qatar is now serving nearly 1.8 million customers due to solid growth within the Postpaid segment led by Vodafone Qatar’s innovative products and exciting plans.

Commenting on the results, Vodafone Qatar’s Chairman, H.E Mr. Abdulla Nasser Al Misnad, said, “Vodafone Qatar has delivered a strong financial performance over the past six months driven by our sixth consecutive quarter of net profit and quarterly year-on-year total revenue growth. This is a clear indication that our strategy to turnaround the profitability of the company and to generate sustainable topline growth is working. On behalf of the Board, I would like to thank the country’s authorities, our shareholders and valued customers for their consistent support to help drive these positive results.”

Mr. Rashid Fahad Al Naimi, Vodafone Qatar Managing Director added, “To help support the continuation of the current growth trajectory of the company, we will continue to make strategic capital investments in both our radio and fixed access networks and allocate a significant portion of our CAPEX towards our 5G network rollout. I expect that these investments will yield positive results for our shareholders and valued customers alike over the upcoming quarters.”

H.E Sheikh Hamad Abdulla Jassim Al Thani, CEO, Vodafone Qatar, concluded, “We are proud to be the first operator in the country to make 5G products and services commercially available to our customers. We are well prepared to take advantage of the enormous growth opportunities that 5G will deliver. Beyond our investments in 5G technology, we are delighted that our fibre roll-out is ahead of schedule and now available in many areas across the country. ‘GigaHome’, Vodafone Qatar’s recently launched home broadband solution, powered by our GigaNet network including fibre and 5G, is a key driver of our strategy to grow within the residential segment.

Furthermore, and an important aspect of our growth comes from our suite of expanding enterprise solutions including the Internet of Things, Cloud Services and Big Data. This expanding portfolio of advanced services and solutions will enable enterprises, of all sizes, throughout Qatar to meet their needs to optimise, automate and innovate in a digital world. We are very pleased with the progress we have made to date with regard to the execution of our Digital 2023 strategy and our vision to be people’s first choice in telecom and digital services.”

-Ends- 

About Vodafone Qatar P.Q.S.C

Vodafone Qatar P.Q.S.C. ("Vodafone Qatar") provides a comprehensive range of services including voice, messaging, data, fixed communications, IoT and ICT managed services in the State of Qatar, for both consumers and businesses alike. The Company commenced commercial operations in 2009 and has 1.8 million customers as of 30 June 2019. Its state-of-the-art network infrastructure is expanding to cover key locations in the country with fibre connectivity and 5G, along with an extensive digital ecosystem, which will contribute to Qatar's continued growth and prosperity.  Vodafone Qatar’s vision is deeply rooted in its mission to connect today’s ideas with the technologies of tomorrow by pioneering digital innovation and becoming people’s first choice in telecom and digital services. Please visit www.vodafone.qa  for more details.

For press enquiries, please contact:
Lana Khachan
Head of Communications, Vodafone Qatar
E-mail: lana.khachan@vodafone.com 

For Investor Relations enquiries, please contact:
Email: investorrelationsqatar@vodafone.com 

© Press Release 2019

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