DOHA: Vodafone Qatar yesterday announced its financial results for the three months ended March 31, 2018, reporting a profit of QR17m, the first-ever profitable quarter representing a significant improvement from the loss of QR74m from the same period last year.
Vodafone Qatar’s total revenue for the three months ended March 31, 2018 stood at QR532m representing an increase of 2.8 percent compared to the same period last year led by growth in Postpaid subscribers and handset sales. EBITDA for the reported period improved by 2.9 percent year-on-year to reach QR135m supported by an increase in Postpaid subscribers coupled with disciplined cost management and a resulting decrease in operating expenses. EBITDA Margin stood at 25.3 percent, flat year-on-year.
The Mobile Telecommunication Licence of the Company has been extended by an additional 40 years to 2068, resulting in an amortisation benefit of QR80m per quarter. Due to this saving and higher EBITDA, the Company reported a profit of QR17m.
By the end of March 31, 2018, the total mobile customers were 1.4 million, in part due to a strong growth in Postpaid subscribers at 25 percent year-on-year, led by the popularity of Vodafone Qatar’s FLEX and Enterprise plans.
Commenting on the strong results, Sheikh Hamad Abdulla Jassim Al Thani (pictured), CEO, Vodafone Qatar said: “The structural changes made to the Company has positively impacted the financial results. I am pleased to see the Company reporting its first ever quarterly net profit. These results clearly indicate the significant improvement in the Company’s operations and the encouraging impact of the licence extension. Looking ahead, we remain focused on delivering our clear strategic objectives of world class customer experience, digital and innovative products and solutions and accelerated investment in fixed services to deliver strong shareholder value in the long term”.
