Doha-based telecom company Ooredoo has announced its financial results for the nine-month period ending September 30, 2024. During this period, the company reported a 2% increase in revenue, reaching QAR17.7 billion ($4.85 billion). EBITDA rose by 4% to QAR7.7 billion ($2.11 billion), resulting in an EBITDA margin of 44%, reflecting a one percentage point improvement.
According to the announcement, the normalized net profit reached QAR2.9 billion, marking a significant 15% increase. Ooredoo’s capital expenditure totaled QAR1.9 billion ($521.42 million), and the customer base grew to 149.4 million, excluding Myanmar. The company also secured a QAR2 billion, 10-year facility to support the expansion of its data center business. Following the reporting period, Ooredoo issued a USD 500 million, 10-year bond at a record-tight spread to manage upcoming maturities.
Commenting on the results, HE Sheikh Faisal Bin Thani Al Thani, chairman of Ooredoo, emphasized that the company achieved a 2% revenue growth, reaching QAR17.7 billion, alongside a robust 15% increase in normalized net profit during the first nine months of 2024. He noted that Ooredoo continues to benefit from initiatives implemented in recent years that focus on transforming the operational model, emphasizing high-value assets and quality growth across its markets.
Sheikh Faisal further highlighted the funding secured through bank financing and long-term bond issuance, showcasing the confidence expressed by banking partners and the market in Ooredoo as a reliable and secure investment. As the company evolves into a leading digital infrastructure provider for the region, he indicated that Ooredoo will prioritize efficiency and value creation with a dynamic and forward-thinking approach to drive future growth.
Additionally, Aziz Aluthman Fakhroo, CEO of Ooredoo Group, remarked on the robust performance during the third quarter of 2024, showing growth across most key financial metrics. For the first nine months of 2024, revenue increased by 2% to QAR17.7 billion. The focus on operational efficiencies contributed to a 4% rise in EBITDA to QAR7.7 billion, with an EBITDA margin of 44%, marking a year-on-year improvement of 1 percentage point.
The Group’s strong results were supported by solid operational outcomes in Iraq, Algeria, Qatar, Tunisia, and the Maldives.
Earlier in October, Ooredoo successfully completed a $500 million issuance of senior unsecured notes, priced at an annual coupon rate of 4.625%, maturing in October 2034. The transaction achieved a spread of 88 basis points over 10-year U.S. Treasuries, marking the tightest spread ever recorded in Ooredoo’s history and one of the lowest for an emerging market corporate issuer since 2020.
The issuance was oversubscribed by 3.6 times, attracting a diverse group of investors from the U.S., U.K., Europe, Asia, and the MENA region. Proceeds from the sale of the notes will be used for Ooredoo’s general corporate purposes, including refinancing existing debt.
The notes were issued by Ooredoo International Finance Limited, a wholly-owned subsidiary, under the existing $5 billion global medium-term notes program on the Irish Stock Exchange. The notes are rated A2 by Moody’s and A by S&P.
In addition, Ooredoo announced a landmark $550 million financing deal to accelerate the growth of its data center business and unlock new opportunities in AI and cloud computing. This follows the establishment of the MENA digital hub earlier this year, which aims to transform the region’s digital infrastructure.
