Ooredoo Reports Strong Q1-Q3 2024 Results, Solidifying Position as Leading Digital Infrastructure Provider in MENA Region
Ooredoo, the Qatari telecommunications group, has released its financial results for the first nine months of 2024. Since the beginning of the year, revenues have totaled QAR 17,657 million (TND 14,898 million), representing a 4% year-over-year increase. The number of customers remains solid, with 50.713 million subscribers.
The group's operational profitability has improved by 4% to QAR 7,698 million (TND 6,495 million), with an EBITDA margin of 44%. On a normalized basis, net profit has reached QAR 2,923 million (TND 2,466 million), a 15% year-over-year increase. Ooredoo is progressing towards its goal of becoming the leading digital infrastructure provider in the MENA region. The operations are structured according to a new organization, comprising tower, data center, and fintech segments.
Ooredoo has mobilized debt of QAR 2,000 million (TND 1,688 million) to accelerate the expansion of its data centers and AI activities. Additionally, the company has issued international bonds worth USD 500 million (TND 1,565 million) with a 10-year tenure. These resources will help the Qatari giant achieve its ambitions.
For its Tunisian subsidiary, the first quarter of 2023 was marked by revenues of QAR 410.9 million (TND 319 million). Since the beginning of the year, revenues have totaled QAR 1,141.7 million (TND 974 million).
The customer base has exceeded 7 million, with 7,040,867 subscribers. The average revenue per user (ARPU) has reached QAR 16 (TND 13.5) in the third quarter of 2024. WiFi subscriptions are the most profitable (ARPU of QAR 33.3, or TND 28.1), followed by post-paid subscriptions (ARPU of TND 18.1) and pre-paid subscriptions (ARPU of TND 11.9).
EBITDA until the end of September has reached QAR 469.7 million (TND 400 million), representing a 12.7% increase. The EBITDA margin has improved by 300 basis points to 41%.
The operator has set a strategy focused on cost control and expansion in the fiber segment. Investments have reached QAR 207 million (TND 175 million), or approximately 17.9% of its revenues, one of the highest proportions within the group. The adoption of 5G is expected to consolidate the operator's position in the Tunisian market.
