Vodafone Qatar has announced its financial results for the first quarter of the year, showing positive improvements across all key indicators.
The telco reported a net profit of QAR 150 million for Q1 2024, representing an increase of 12.5% year-on-year. Moreover, total revenue increased by 3.9% year-on-year reaching QAR 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 also grew by 2.5% to QAR 704 million.
During Q1 2024, Vodafone Qatar set, and achieved, a significant milestone through landmark 5.5G high band network testing. The company successfully demonstrated peak speeds exceeding 10 Gbps.
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EBITDA for the period increased to QAR 338 million, reflecting a growth of 5.4% year-on-year, positively impacted by higher service revenue and the continued effectiveness of the company’s cost optimization program. Consequently, the EBITDA margin expanded by 0.6 ppts, reaching 41.9%.
As a result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth, Vodafone Qatar achieved a notable return on capital employed (ROCE) of 11.5% in Q1 2024.
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In retrospect, 2023 has been an exceptional year for the company, as they continue to position themselves at the forefront of market developments and provide consumers and businesses with unparalleled connectivity. Notably, Vodafone Qatar was presented with Ookla’s ‘World’s Fastest Mobile Network’ award.
Overall, Vodafone Qatar is now serving 2.1 million mobile customers. “What matters most to us is understanding customers’ expectations and providing a world-class customer experience,” said Chief Operating Officer, Diego Camberos.