Abdulla Nasser Al Misnad, Chairman, Vodafone Qatar
DOHA: Vodafone Qatar reported a net profit of QR108m for the nine months ended September 2019, a significant growth of 44 percent compared with same period in 2018. The huge jump in net profit is mainly driven by higher EBITDA.
Total revenue improved by 1 percent year-on-year to reach QR1.55bn with service revenue up by 2 percent driven by a growth in Postpaid subscribers and the increasing popularity of home broadband solutions.
The period was further highlighted by a 24 percent increase in EBITDA year-on-year to reach QR 529m, supported by higher revenue, lower costs and the adoption of International Financial Reporting Standard (IFRS) 16. This reflects a healthy 34 percent EBITDA margin, representing an improvement of 6.3 percentage points year-on-year and the highest ever in the Company’s history.
Vodafone Qatar is now serving nearly 1.7 million mobile customers with solid growth coming from the Postpaid segment led by its innovative products and exciting plans.
Commenting on the results, Vodafone Qatar’s Chairman, Abdulla Nasser Al Misnad, said: “We are pleased to report a continuation of growth in all key financial metrics for the period, which indicates the Company’s successful strategy in developing and building investment plans that fit the current period. We will continue to make advanced investments in both our radio and fixed access networks with a significant portion towards expanding our 5G network rollout, as part of our commitment to building a world class infrastructure that supports the realisation of Qatar National Vision 2030.”
Vodafone Qatar’s CEO, Sheikh Hamad bin Abdullah Al Thani, added: “Last month, we proudly unveiled the extensive reach of our 5G network roll-out that is live across the country including 70 percent of Doha, with this percentage continually on the rise. In parallel, we launched the country’s first ‘Unlimited 5G Plans’ to give mobile users the full 5G experience, and allow them to take advantage of its unprecedented speed. These have proven very popular as is our GigaHome residential broadband solution which is seeing a strong growth. Moreover, with the expansion of our fibre footprint in key locations, we are confident that we will make further headway in the residential and business segment.” Vodafone Qatar provides a comprehensive range of services including voice, messaging, data, fixed communications, IoT and ICT managed services in Qatar, for both consumers and businesses alike. The Company’s 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.
