(MENAFN- Gulf Times) Driven by higher data revenue, Ooredoo Group has posted a net profit of QR2.1bn in 2014, a year that also saw the company's customer base touch 107mn.
The net profit, however, was down 17% compared to QR2.5bn in 2013. Earnings per share (EPS) stood at QR6.66 in 2014 compared with QR8.05 in 2013.
The results announced last night showed last year's data revenue represented 25% of the group revenue, driven by Ooredoo's strategy to increase smartphone penetration, deliver innovative new bundles and data offers for customers.
The growth in Ooredoo's global customer base to 107mn, up 12% on 2013 was driven by its markets in Indonesia, Iraq, Kuwait, Myanmar and Algeria.
Ooredoo Qatar's net profit for 2014 jumped 40% to QR1.9bn due to higher EBITDA and sale of investments.
Ooredoo Qatar continued to pursue an "ambitious" programme of network enhancement, becoming the first operator in the group to launch 4G in December 2014, offering speeds of up to 225 Mbps, almost double the average 4G speed.
In addition, Ooredoo Qatar had more than 200,000 fibre customers by December 2014 and undertook a fibre speed upgrade programme. By offering the biggest, fastest fixed and mobile networks, supported by a diverse range of "smart" prepaid and postpaid services, Ooredoo Qatar is able to meet the nation's rising demand for data services and protect its market- leading position.
Ooredoo said its strategy to become a data-centric business made significant progress following the investment the business has made in its broadband networks and data infrastructure to drive smartphone penetration.
Ooredoo now has 4G deployed across five out of its nine markets. Algeria, Iraq, Qatar and Tunisia are all markets where Ooredoo is the market leader in data customer share.
Ooredoo invested in technology modernisation across its global footprint during the year to enhance its customers' experience and to create cost synergies.
Commenting on the results Ooredoo Group chairman HE Sheikh Abdulla bin Mohamed bin Saud al-Thani said, "Ooredoo is rapidly positioning itself at the heart of the digital future of our customers. Mobile infrastructure is an essential enabler of a country's economic prosperity, particularly in developing markets.
"Our financial results for 2014, despite the challenges we have faced in some of our markets, demonstrate how Ooredoo is increasingly playing its role in supporting the economic growth in our markets. Our networks, services and investments into new growth opportunities in Myanmar and next generation networks in Iraq, Qatar and Algeria all demonstrate the transformative power of Ooredoo for our customers and their communities. These investments into new technologies and future business will ultimately benefit our shareholders as well."
Group CEO Dr Nasser Marafih said, "Ooredoo made significant progress
against its strategy during 2014 despite facing sustained, high levels of competition, adverse currency movements and the current security situation in Iraq.
"We continue to invest in our infrastructure to target market leadership by offering the best network experience. Data revenue continues to grow and now represents a quarter of Group revenue. The acceleration of our strategy execution during 2014 puts Ooredoo in a good position to generate and capture value for our shareholders and our more than 107mn customers."
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