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Ooredoo posts $2.18B in Q4 revenues

Ooredoo ended 2015 with 117 million customers

Qatar-based telecom group Ooredoo posted QAR 7.97 billion ($2.18 billion) in fourth quarter revenues, down from QAR 8.37 billion in the same quarter last year. The group’s net profits for the quarter totaled QAR 360 million, an increase of 555% from QAR 55 million in the same quarter the previous year.

“Despite currency volatility in emerging markets and the security situation in Iraq, our underlying financial and operational performance was solid,” said Ooredoo Chairman Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani.

Ooredoo posted a net profit of QAR 2.12 billion in 2015, almost flat compared to a net profit of QAR 2.13 billion in 2014. The telco ended 2015 with 117 million subscribers in its global operations, climbing 9% compared to the end of 2014.

Ooredoo representatives said Gulf operations improved during the quarter. In Qatar, the telco saw revenues rise 10% to QAR 7.89 billion in 2015. Domestic net profits reached QAR 2.13 billion in 2015, up 11% year-on-year. Ooredoo Qatar ended 2015 with 3.5 million mobile customers, climbing 11% year-on-year.

Ooredoo said it has LTE technology deployed across five of its nine markets, with LTE-Advanced services in Qatar and Kuwait. The telco operates in Qatar, Kuwait, Oman, Tunisia, Algeria, Iraq, Indonesia, Myanmar and the Maldives.

Vodacom calls off Neotel acquisition

In other EMEA news, South African telecom operator Vodacom called off its planned acquisition of rival operator Neotel, which is controlled by Tata Communications. Vodacom said the decision was due to regulatory complexities.

In May 2014, Vodacom agreed to acquire Neotel’s fixed assets and wireless spectrum licenses. However, the deal was redefined in December 2015 due to the opposition of rival telcos. Under the updated deal, Neotel’s spectrum and concessions were to be excluded from the acquisition.

“It is disappointing that we have reached this conclusion despite all our efforts to find a way to deal with the complexities of the restructured transaction,” said Vodacom CEO Shameel Joosub. “Our ambition to increase the rollout of fiber-based broadband services to customers remains. We will continue to look for spectrum opportunities, as well as opportunities to accelerate our fixed line business.”

ABOUT AUTHOR

Juan Pedro Tomás
Juan Pedro Tomás
Juan Pedro covers Global Carriers and Global Enterprise IoT. Prior to RCR, Juan Pedro worked for Business News Americas, covering telecoms and IT news in the Latin American markets. He also worked for Telecompaper as their Regional Editor for Latin America and Asia/Pacific. Juan Pedro has also contributed to Latin Trade magazine as the publication's correspondent in Argentina and with political risk consultancy firm Exclusive Analysis, writing reports and providing political and economic information from certain Latin American markets. He has a degree in International Relations and a master in Journalism and is married with two kids.

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