Vodafone’s Net Profit Climbs by 60% to QAR 78 Million for the First Half of 2019

July 29, 2019

Vodafone Qatar reported its financial results for the six months ended 30 June 2019. The company made a Net Profit of QAR 78 million, an increase of 60%, compared to QAR 49 million for the same period last year.

Vodafone Qatar's revenue growth is mainly due to higher EBITDA, and excluding the release of one-time non-recurrent provisions in the first half of 2018, the net profit doubled by 125%.

Total Revenue increased by 1% to QAR 1.06 billion compared to the same period of last year, driven by growth in postpaid subscribers and higher home broadband.

EBITDA for the period stood at QAR 358 million representing an improvement of 26.2% year-on-year due to the higher revenue, continued effective cost management and the application of International Financial Reporting Standard (IFRS) 16. Consequently, EBITDA margin improved by 6.7 percentage points to reach 33.7% in H1 2019.

Commenting on the results, Vodafone Qatar’s Chairman, H.E Mr. Abdulla Nasser Al Misnad, said that Vodafone Qatar has delivered a strong financial performance over the past six months driven by our sixth consecutive quarter of net profit and quarterly year-on-year total revenue growth. This is a clear indication that our strategy to turnaround the profitability of the company and to generate sustainable topline growth is working.

Mr. Rashid Fahad Al Naimi, Vodafone Qatar Managing Director confirmed that to help support the continuation of the current growth trajectory of the company, the company will continue to make strategic capital investments in both radio and fixed access networks and allocate a significant portion of capital expenditure towards 5G network rollout. Mr. Al Naimi expects that these investments will yield positive results for shareholders and customers alike over the upcoming quarters.

H.E Sheikh Hamad Abdulla Jassim Al Thani, CEO, Vodafone Qatar, concluded that the company is well prepared to take advantage of the enormous growth opportunities that 5G will deliver. Beyond investments in 5G technology, Vodafone Qatar is delighted that fibre roll-out is ahead of schedule and now available in many areas across the country.

His Excellency added that ‘GigaHome’, Vodafone Qatar’s recently launched home broadband solution, powered by our GigaNet network including fibre and 5G, is a key driver of the company’s strategy to grow within the residential segment.

Vodafone Qatar is now serving nearly 1.8 million customers due to solid growth within the postpaid segment led by Vodafone Qatar’s innovative products and exciting plans.