Ooredoo’s North Africa subsidiaries – Tunisia and Algeria – have returned positive subscriber numbers in the first half of this year according to the group’s financial results.
Ooredoo Tunisia’s customer base was 7.6 million at the end of the first half of 2016, an increase of 4% compared to the same period in 2015 while Ooredoo Algeria recorded an increase, though marginal, of 1% compared to the same time last year, reporting a total of 13.4 million subscribers as of June 30 this year. .
In terms of revenues, the results state that the Algerian Dinar depreciated significantly compared with the same period last year, affecting the reported results while in Tunisia, the “economy is still suffering from a slowdown in tourism and the QAR results are impacted by the depreciation of the Tunisian Dinar.”
“Revenues for H1 2016 were QAR 2 billion, in-line with the same period in 2015. EBITDA for H1 2016 was QAR 693 million, a decrease of 6% on QAR 736 million for the same period in 2015 although EBITDA margin improved to 38% from the 36% of H1 2015. Net Profit for H1 2016 was QAR 190 million compared to a Net Profit of QAR 40 million for the same period in 2015. The benefit of Ooredoo Algeria’s re-financing of its debt from US Dollar to Algerian Dinar undertaken in Q3 2015 has positively contributed to current year net profits. Post period, Ooredoo Algeria finalised the pre-launch phase for 4G services with new Algerian network speed records during trials in July 2016,” the Group states in its half-year Financial Results.
“The Tunisian economy is still suffering from a slowdown in tourism and the QAR results are impacted by the depreciation of the Tunisian Dinar. Revenues for H1 2016 were QAR 839 million compared to revenues for the same period in 2015 of QAR 920 million. EBITDA was QAR 307 million compared to QAR 412 million for the same period in 2015. Net Profit for H1 2016 was QAR 15 million compared to QAR 105 million for the same period in 2015.”
Overall, the Group’s customer base increased by 14% to 130 million; driven by strong growth in Indonesia and Myanmar according to the Financial Results statement.