Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the “Company”) announced its consolidated financial results for the nine months ended 30 September 2023 with improvement across all key performance indicators.
Key highlights – 9 months ended September 2023 compared to the same period in 2022
- Total Revenue increased by 5.6% to QR 2.3 billion
- Service Revenue increased by 10.1% to QR 2.05 billion
- EBITDA increased by 8.2% to QR 950 million
- EBITDA Margin increased by 1.0ppts to 41.4%
- Net Profit increased by 17.3% to QR 392 million
- Total Mobile Customers increased by 1.5% to reach 2.1 million subscribers
Financial Summary
For the nine months ended 30 September 2023, the Company reported its Net Profit of QR 392 million, reflecting strong growth of 17.3% compared to the same period last year, mainly driven by higher EBITDA.
Total Revenue for the period increased by 5.6% year-on-year to QR 2.3 billion led by continued growth in the Company’s managed services, Internet of Things (IoT), wholesale and fixed broadband services (Gigahome). Service Revenue grew by 10.1% year-on-year to QR 2.05 billion.
EBITDA for the period increased year-on-year by 8.2% to QR 950 million, led by higher service revenue and the continued effectiveness in implementing the Company’s cost optimization programme. EBITDA margin further expanded by 1 ppts year-on-year to reach 41.4% due to mix of higher service revenue margin.
Vodafone Qatar is now serving 2.1 million mobile customers representing an increase of 1.5% year-on-year.