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Ooredoo Oman achieves 9.5% growth in net profit
October 31, 2015 | 2:36 PM
by Times News Service
Greg Young, chief executive officer of Ooredoo Oman, said that with strong revenue growth this quarter, in what is otherwise a challenging economic environment, is the testament to the fact that the company is continuing to listen to customers and provide them with what they need and want. Photo – Times file
 
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Muscat: Omani Qatari Telecommunications Company (Ooredoo Oman) has posted a 9.5 per cent growth in net profit at OMR32.3 million for the first nine months of 2015, over the same period last year.

Revenues for the first nine months grew by 12.4 per cent to OMR186.8 million from OMR166.2 million in 2014, the company said in a statement. “The growth is driven by increases in both mobile and fixed data revenues,” the company said.

Ooredoo’s earnings before interest, taxes, depreciation and amortisation (Ebidta) for the first nine months of the year stood at OMR104.3 million compared to OMR88.6 million for the same period of 2014.

Increase in net profit for the year is driven by higher Ebitda partially offset by higher depreciation cost due to investment in network modernisation. Net profit for the third quarter 2015 was further impacted by OMR2.9 million due to provision for swapped out assets as part of network modernisation.



Total number of customers grew by 10 per cent to 2.77 million at the end of the first nine months of 2015 compared to 2.51 million for the same period of 2014.

The fixed service customer base increased by 12.2 per cent to 66,886 customers in the third quarter of 2015 compared to 59,630 in same period 2014. The trend of reduction in fixed service customer base observed in last couple quarters is now reversed supported by the migration from Wimax technology to LTE.

The mobile post-paid customer base grew by 6.5 per cent to 204,852 customers compared to 192,427 customers in the third quarter of 2014. The mobile pre-paid customer base for the third quarter of 2015 increased by 10.3 per cent to 2,494,657 compared to 2,262,174 for the same period last year.

“We are very pleased with our strong revenue growth this quarter, in what is otherwise a challenging economic environment. This is testament to the fact that we are continuing to listen to our customers and provide them with what they need and want, through both our mobile and fixed services. Our aim to inspire and innovate in each of these sectors and strive for customer excellence is clearly paying off. We are continuing to strongly grow not only our revenues, but also our customer base overall,” said Greg Young, chief executive officer of Ooredoo Oman.

“The ongoing investment in modernising and expanding our network is also a factor in customer growth. We will continue to provide the coverage and speed, with our expanding 4G footprint as well as our recently completed national fibre backbone. With the completion of our national fibre backbone, we can provide a second-to-none customer experience. Our investment will continue during the remainder of 2015 year as we further improve network performance and customer experience across the Sultanate.”

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