Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the “Company”) today announced its financial results for the three months ended 31 March 2024 with improvement across all key indicators.
Financial Summary
Vodafone Qatar continued its growth trajectory in Q1 2024, reporting net profit of QR 150 million for the three months ended 31 March 2024, representing an increase of 12.5% year-on-year.
Total revenue increased by 3.9% year-on-year reaching QR 806 million due to sustained growth across various business segments, including fixed broadband services, managed services, Internet of Things (IoT), handsets and others. Service revenue grew by 2.5% to QR 704 million.
EBITDA for the period increased to QR 338 million, reflecting a growth of 5.4% year-on-year, positively impacted by higher service revenue and the continued effectiveness in implementing the Company’s cost optimisation programme. Consequently, EBITDA margin expanded by 0.6ppts reaching 41.9%.
Vodafone Qatar is now serving 2.1 million mobile customers representing a growth of 1% comparing to Q1 last year.
Lastly, the Company achieved a notable return on capital employed (ROCE) of 11.5% in Q1 2024 (annualised), reflecting a 0.8ppts increase compared to the previous year. This is the result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth.