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Net Profit of QAR 2,069 Million Attributable to Ooredoo Shareholders Doha, Qatar, 30 October 2013: Ooredoo Q.S.C. - Ticker: ORDS.QA today announced results for the nine months ended 30 September 2013. Financial Highlights: Quarterly Analysis
Nine Month Analysis
Q3 2013
Q3 2012
% change
9M 2013
9M 2012
% change
Consolidated Revenue (QAR m)
8,510
8,629
-1.4%
25,652
25,006
2.6%
EBITDA (QAR m)
3,631
3,867
-6.1%
11,293
11,665
-3.2%
EBITDA Margin (%)
42.7%
44.8%
-
44%
46.6%
-
Net Profit Attributable to Ooredoo Shareholders (QAR m)*
337
804
-58%
2,069
2,156
-4%
Consolidated Customers (m)
89.6
89.2
0. 4%
89.6
89.2
0. 4%
* Net profit attributable to Ooredoo shareholders includes Foreign Exchange losses primarily from Indosat. Excluding this FX impact the Net Profit to Ooredoo shareholders stood at the same level as in Q3 2012 and increased by 12% for 9 months 2013. Earnings per share in 9M 2013 stood at QAR 6.46 (9M 2012: QAR 7.43).
Highlights: Increase in Group revenue of 2.6% over the first nine months of 2013 fuelled by continued strong performances in Qatar, Algeria and Iraq, whereas competitive dynamics and challenging economic environment impacted business in Kuwait and Tunisia.
Excluding foreign exchange impact Net Profit for the 9 months increased by 12% year-on- year.
Ross Cormack, most recently Nawras CEO appointed as Ooredoo Myanmar CEO in October 2013. Ooredoo Myanmar is in the process of finalizing the license terms and preparations are underway for the commercial roll-out of next generation of mobile services.
Successful participation in the Algerian 3G licensing process. Nedjma received post period end a provisional license to operate 3G services from the Algerian Regulatory Authority for Post and Telecommunications.
During the first 9 months of 2013 Group revenue grew by 2.6% year-on-year to QAR 25.65 billion (9M 2012: QAR 25 billion). As at 30 September 2013, the Group's consolidated customer base stood at 89.6 million (9M 2012: 89.2 million), representing year-on-year growth of 0.4%. Group EBITDA in the period decreased by -3.2 % year-on-year to stand at QAR 11.29 billion (9M 2012: QAR 11.67 billion). EBITDA margin at the end of 9M 2013 was 44% (9M 2012: 47%). Net profit attributable to Ooredoo shareholders was QAR 2,069 million, representing a 4% year-on-year decrease (9M 2012: QAR 2,156 million). Reported net profit was largely impacted by the QR 466 million foreign exchange loss for the third quarter of 2013. Commenting on the results, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of Ooredoo said: “Our success as a business comes from the strength of our relationship with our customers. Throughout the year, as we have transformed our brand and executed our strategy for growth, we have remained focused on supporting human growth in all its aspects. Through new initiatives such as investments in sports sponsorship, youth coaching and other community programmes, we are making a positive contribution to the lives of our customers and reinforcing our role as a trusted provider and partner. We look to the final quarter with confidence and believe that we are well placed for a robust outcome to the year as a whole.” Also commenting on the results Dr. Nasser Marafih, Group Chief Executive Officer of Ooredoo said: “Ooredoo has continued to produce strong revenue growth in this period, with particularly impressive performances from Ooredoo Qatar, Nedjma and Asiacell. Our customers continue to respond positively to our services, particularly to the new product areas made possible by our next generation networks. Our focus on the best customer experience and the most reliable networks is helping to drive our business growth, and we look forward to a significant step-change in our services in Algeria, where we have received a new 3G license, and in our newest market of Myanmar. We believe that communication technology can transform people's lives, and that is what we intend to do across our global footprint.” Review of Operations The Group's operational performance can be summarized as follows: Ooredoo Qatar Qatar delivered impressive results for the Group during the third quarter, with revenue growing by 4.6 % year-on-year to 4.86 QAR billion and a consolidated customer base of 2.8 million (2.4 million in September 2012). EBITDA performance showed a decrease of 3.5% year-on-year to QAR 2.37 billion. Ooredoo Qatar significantly enhanced its product portfolio during the quarter, with a range of new services tailored for high-end and business customers. In particular, the full commercial launch of 4G services for prepaid and postpaid customers, delivered during Q3 2013, offers the potential of significant returns and strengthens Ooredoo's position as the leading provider of 4G LTE in the region. The official opening of the new Ooredoo Qatar Headquarters Two, with an in-house customer call centre and high-tech paperless Ooredoo Shop, enhanced efforts to boost the customer experience, and the launch of Business Fibre services enabled small and medium enterprises to access the fastest-ever Internet service in Qatar. Qatar was also the first Ooredoo market to benefit from a new multi-year, multi-territory agreement with The Walt Disney Company Middle East and North Africa, as the company continues to strengthen its entertainment portfolio. Indonesia The year-on-year revenue increase of Indosat was driven by cellular data and fixed data business. Foreign Exchange rates had a negative impact this quarter and year-on-year comparisons should also take into account the one-off positive effect in Q3 2012 of the completion of the Indosat tower sale. As at 30 September 2013, Indosat's consolidated customer base stood at 53.8 million (9M 2012: 55.7 million). Revenue in 9M 2013 increased slightly by 0.20 % year-on-year to QAR 6.46 billion (9M 2012: QAR 6.44 billion) and EBITDA decreased by 4.9% year-on-year to stand at QAR 3.06 billion (9M 2012: QAR 3.2 billion). Wataniya Telecom Wataniya Telecom (“National Mobile Telecommunications Company K. S. C.”) encompasses the Ooredoo Group's businesses in Kuwait, Tunisia, Algeria, Kingdom of Saudi Arabia, the Maldives and Palestine. Wataniya Telecom released 9M 2013 financial results on 23 October 2013. Revenue for 9M 2013 was QAR 7.22 billion: a year-on-year decrease of 1.2% (9M 2012: QAR 7.31 billion) while EBITDA stood at QAR 2.83 billion (9M 2012: QAR 3.00 billion). In the quarter, Algeria delivered a strong performance, building on the positive revenue momentum we have seen throughout the course of this year. It is encouraging that our Algerian business moves in to the final quarter of the year with a successful outcome secured in the 3G licensing process, following the announcement on 14 October 2013 that it had been granted a provisional 3G license by the Regulatory Authority for Post and Telecommunications. In Palestine, we remain a strong player in this dynamic region and continue to increase our customer base and revenue growth. As we have indicated previously, Wataniya Kuwait continues to experience competitive pressures in its key markets, which has affected its financial performance for the quarter. In Tunisia, we continue to face challenging market conditions due to the poor economic climate in the country. In both of these countries, the Wataniya leadership team continues to adjust and refine its approach to help mitigate and overcome these challenges. Oman Our performance in Oman has continued to build positively over the first nine months of this year, as we continue to derive tangible customer and financial benefits from the modernisation to network systems and capabilities here. Local demand for broadband and data services has increased further in the quarter and we have seen strong customer uptake for our services: a trend we anticipate will continue into Q4 and beyond. Nawras released 9M 2013 financial results on 23 October 2013. At 30 September 2013, Nawras' consolidated customer base stood at 2.3 million customers (9M 2012: 2.1 million) with revenue for 9M 2013 of QAR 1.47 billion (9M 2012: QAR 1.40 billion). Nawras' EBITDA increased to QAR 674.88 million (9M 2012: QAR 653.55 million). Iraq
Since its IPO at the beginning of the year, Asiacell has performed well and delivered consistently to our expectations. Customer engagement with our refreshed brand and services in the country has remained solid and we are beginning to see increasing demand for our services, based upon the resilience and reliability of our network. This has, in turn, led to a robust revenue performance in the period. In 9M 2013 Asiacell delivered revenue of QAR 5.31 billion (9M 2012: QAR 5.04 billion), representing year-on-year growth of 5.3%. EBITDA in 9M 2013 increased to QAR 2.8 billion (9M 2012: QAR 2.71 billion). Ooredoo will publish its 9M 2013 financial statements on its website, accessible at: http://www.ooredoo.com.
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