Ooredoo Reports Growth in Revenue, Capex, Subscribers in 2023

Ooredoo, a leading telecommunications provider, has released its financial report for the year 2023, showcasing growth in various sectors despite facing challenges in certain markets.
Ooredoo 5G in MaldivesOoredoo announced that its capital expenditure (Capex) spending reached QAR 2.821 billion in 2023, marking a 3 percent increase compared to the previous year.

Additionally, Ooredoo’s Capex for the fourth quarter of 2023 stood at QAR 1.229 billion, up by 5 percent from the same period in 2022, maintaining a stable Capex intensity.

Ooredoo’s revenue for the year experienced a 2 percent increase, reaching QAR 23.2 billion compared to QAR 22.7 billion in 2022. This growth was primarily driven by sustained performance in telecom markets such as Iraq, Algeria, Kuwait, and Maldives. However, revenue of Ooredoo fell in some regions including Qatar, Tunisia, Myanmar, and Palestine.

Ooredoo’s focus on profitability yielded positive results, withEBITDA reaching QAR 9.7 billion, a 4 percent increase. The EBITDA margin expanded by 1 percentage point to 42 percent, attributed to healthy service revenue growth and a disciplined approach to cost control. Net profit surged by 28 percent to QAR 3.0 billion.

Despite challenges, Ooredoo witnessed growth in its customer base across most of its operations, ending the year with a total customer base of 57.6 million, a 3 percent increase. Including Indirect Ooredoo Holdings (IOH), the total customer base reached 156.4 million.

Ooredoo Qatar expanded its customer base by 2 percent, reaching 3.0 million subscribers, despite facing challenges such as softer economic activity and increased competition. Revenue for Ooredoo Qatar in 2023 was QAR 7,286 million. Capex of Ooredoo Qatar stood at QAR 674.7 million vs 761.4 million.

In Kuwait, Ooredoo saw a 4 percent growth in revenue to QAR 2,914 million, supported by higher service revenue in voice and data segments. Ooredoo Kuwait’s customer base increased by 5 percent to 2.8 million subscribers, driven by strong performance in the prepaid segment. Capex of Ooredoo Kuwait reached QAR 207.0 million vs 220.3 million.

Ooredoo Oman witnessed a 2 percent increase in its customer base, totaling 3.1 million subscribers. However, revenue remained flat at QAR 2,453 million due to intensified competition in the market. Capex of Ooredoo Oman reached QAR 426.7 million vs 463.3 million.

Asiacell in Iraq experienced a notable 21 percent increase in revenue to QAR 4,452 million, driven by higher data revenue. Similarly, Ooredoo Algeria recorded an 11 percent growth in revenue to QAR 2,462 million, supported by increased data usage. Capex of Asiacell Iraq reached QAR 467.3 million vs 421.3 million.

In Palestine, Ooredoo maintained its market leadership position in customer satisfaction despite a 6 percent decline in revenue to QAR 397 million. Capex reached QAR 42.8 million vs 30 million.

Ooredoo Tunisia also maintained its leadership position in the mobile segment, with a 2 percent growth in the customer base. However, revenue remained flat at QAR 1,470 million, and EBITDA decreased by 15 percent to QAR 556 million. Capex of Ooredoo Tunisia was QAR 276.1 million vs 192.0 million.

Ooredoo Maldives witnessed a 9 percent increase in revenue to QAR 495 million, with growth across all business segments. The customer base in Maldives nearly reached 400,000 customers, up by 1 percent from the previous year. Capex of Ooredoo Maldives was QAR 121.2 million vs 89.6 million.

In Myanmar, Ooredoo’s customer base surged by 13 percent to 8.5 million, attributed to active digitization efforts aimed at improving customer experience and satisfaction. Capex of Ooredoo Myanmar reached QAR 47.8 million vs 67.2 million.

Baburajan Kizhakedath