Ooredoo (ORDS) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached QAR 17.7 billion, up 2–2.4% year-over-year, with net profit attributable to shareholders rising 9.7–15% to QAR 2.92–2.9 billion.

• EBITDA increased 4–5% to QAR 7.7 billion, with margin improving by 1pp to 44%.

• Major strategic milestones include a QAR 2 billion financing deal for data center expansion and a USD 500 million bond issuance.

• Completed data center carve-outs in Qatar, Tunisia, and Kuwait; Myanmar operations sold, resulting in a gain of QR 117.9 million.

• Advanced FinTech initiatives with new PSP licenses in Oman and Maldives, and ongoing regulatory discussions in Tunisia, Iraq, and Kuwait.

Financial highlights

• Q3 2024 revenue rose 1% year-over-year to QAR 5.9 billion; nine-month revenue at QAR 17.7 billion.

• EBITDA for nine months was QAR 7.7 billion, margin at 44%; Q3 EBITDA flat at QAR 2.6 billion.

• Net profit for nine months up 9.7–15% to QAR 2.92–2.9 billion; Q3 net profit up 15–21% to QAR 1–1.1 billion.

• CapEx for nine months reached QAR 1.9 billion, up 22%, with full-year guidance at QAR 3.5 billion.

• Free cash flow for nine months was QAR 5.8 billion, flat to down 1% year-over-year.

Outlook and guidance

• FY 2024 guidance reaffirmed: revenue growth, EBITDA margin in low 40s%, and capex of QAR 3.5 billion.

• Data center financials to be fully segregated by Q1 2025.

• Management expects results for the full year 2024 to be in line with current performance.