30-07-2025
Ooredoo net profit up 4% to QR1.9 bn in first half of 2025
Tribune News Network
Doha
Ooredoo on Wednesday announced its financial results for the six-month period ended June 30, 2025, reporting another strong performance built on operational resilience and strategic investments.
Group revenue for the first half of 2025 reached QR11.9 billion, representing a 1 percent increase on a reported basis and a 4 percent rise when excluding the impact of the Myanmar exit.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at QR5.1 billion, up by 1 percent, or 3 percent excluding Myanmar, with a stable EBITDA margin of 43 percent. Net profit increased by 4 percent year-on-year to QR1.9 billion, reflecting the strength of core operations and disciplined execution.
Capital expenditure during the period rose significantly to QR1.5 billion, driven by strategic investments across key markets, while free cash flow stood at QR3.6 billion, representing an 11 percent decline due to accelerated network rollouts. The Group's customer base grew to 51.9 million, and including IOH, total customers reached 147.2 million.
Commenting on the results, Ooredoo Chairman Sheikh Faisal Bin Thani Al Thani said the company had delivered solid results across key financial metrics, underpinned by a clear business strategy, strong infrastructure, and ongoing strategic investments. He emphasised Ooredoo's commitment to becoming the leading digital infrastructure provider in the MENA region, focusing on sustainable value creation for stakeholders.
Ooredoo Group CEO Aziz Aluthman Fakhroo highlighted that solid performances in Kuwait, Algeria, Iraq, Tunisia and the Maldives were key growth drivers during the period. He noted that the Group had made significant progress across strategic initiatives, including the launch of its independent carrier-neutral data centre platform, Syntys, and a partnership with Iron Mountain to enhance scalability.
Ooredoo also advanced its fintech operations, particularly in Oman, and expanded its data centre capabilities in Qatar with the deployment of NVIDIA's latest GPUs, marking a first for the country.
Ooredoo's strategy continues to be anchored by five pillars: delivering exceptional customer experience, empowering talent, driving smart telco innovation, strengthening core operations, and maintaining a disciplined, value-focused portfolio. The Group is investing across five verticals – telecom operations, towers, data centres, subsea cables and fibre, and fintech – to build a future-proof digital infrastructure business.
The TowerCo project, a partnership with Zain Group and TASC Towers Holding, is moving toward establishing the region's largest independent tower company with around 30,000 towers across six MENA markets. Meanwhile, Syntys is rapidly expanding its AI-ready, hyperscale data centres, supported by Iron Mountain's minority equity investment. The launch of sovereign AI cloud services in Qatar has further strengthened Ooredoo's leadership in digital transformation.
In fintech, Ooredoo Financial Technology International (OFTI) continued to expand mobile-led financial services in Qatar, Oman and the Maldives, processing over USD 6 billion in transactions and securing a significant share in the international remittances market. Expansion into Tunisia, Iraq and Kuwait is progressing, supported by regulatory approvals and strategic partnerships with global leaders such as Visa, PayPal, Western Union and MoneyGram.
The Group also advanced its subsea cable infrastructure with the FIG project, connecting key GCC markets and enabling high-capacity, low-latency data transmission between the GCC and Europe. This positions Ooredoo as a regional enabler of global connectivity and a leader in cloud, AI, and data services.
From a financial perspective, Ooredoo maintained a healthy balance sheet with a net-debt-to-EBITDA ratio of 0.7x, well below the Board's guidance. The Group's liquidity position remains strong, supported by QAR 14.8 billion in cash reserves and QAR 5.5 billion in available facilities.
At the operational level, Ooredoo Qatar continued to deliver premium market positioning with stable revenue growth and a strong EBITDA margin of 52 percent. Ooredoo Kuwait reported a significant 31 percent increase in EBITDA, driven by higher service revenue and disciplined cost management.
In Iraq, Asiacell posted an 8 percent revenue increase with customer numbers rising to 19.4 million, while Ooredoo Algeria recorded double-digit revenue growth of 14 percent. In contrast, Ooredoo Oman faced competitive pressures that impacted profitability, and Ooredoo Palestine continued to operate under difficult political and economic conditions.
Looking ahead, Ooredoo reaffirmed its full-year 2025 guidance, with revenue expected to grow between 2 to 3 percent, EBITDA margin to remain in the low 40 percent range, and capital expenditure projected between QR4.5 billion and QR5 billion. With a balanced portfolio, disciplined financial management, and a clear strategic direction, Ooredoo remains well positioned to drive digital transformation across the MENA region, unlocking long-term value for its shareholders, customers, and communities.
