Ooredoo Oman Q4 profit falls 17pc to $21m

29/01/2015 12:09 AST

Ooredoo Oman, a leading telecoms operator, reported a net profit of RO8.3 million ($21.6 million) in the fourth quarter of 2014, down from RO10 million ($25.8 million) in the year-earlier period, marking a 17 per cent fall in fourth-quarter profit on Thursday.

Total revenues for the year 2014 grew by 12.1 per cent to RO226.4 million ($586 million) compared with RO202 million ($523 million) in 2013. The growth is driven by increases in both mobile and fixed data revenue as well as international voice revenue.

EBITDA for the year 2014 was RO116.9 million ($302.5 million) compared with RO98.3 million ($254 million) in 2013 driven by higher revenue. Net profit for the year was RO37.9 million ($98 million) compared to RO33.1 million ($85.6 million) in 2013. Net profit for the year increased by 14.5 per cent due to improvement in EBITDA partially offset by higher depreciation due to the investment in network modernisation and expansion and rebranding cost (especially in Q4).

Total number of customers grew by 8.6 per cent in 2014 from 2,396,826 to 2,601,704.

“We are delighted with our revenue growth this year, which has been driven by an increase in both mobile and fixed data as well as international voice revenue. Under both the Nawras and Ooredoo brands during 2014, we have provided our customers with some exciting and targeted new offers and these have contributed to our solid growth,” said Greg Young, CEO of Ooredoo Oman.

“Our rebranding to Ooredoo in Q4 2014 was a huge success and there has been a very positive response from the market. With our Ooredoo brand came some inspiring new offers, which are generating ongoing significant interest and uptake.

“Our results also validate the investment in our network, providing the speed and coverage our customers need and want. Our investment in 2015 will continue to improve the performance and experience of customers across the Sultanate. We expanded our fiber network and are providing a future-proof network countrywide and a second-to-none customer experience,” he added.

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