Tribune News Network
Doha
Vodafone Qatar on Tuesday announced its consolidated financial results for the six months ended 30 June 2024 which reflect the continued improvement in the company’s financial and operational performance.
The company reported its half-yearly net profit of QR293 million, representing an increase of 12.8 percent year-on-year, mainly driven by higher EBITDA.
Total revenue increased by 2.2 percent year-on-year reaching QR1.59 billion, driven by a 2.8 percent growth in service revenue, which reached QR1.41 billion. The increase is attributed to the continued growth in the company’s fixed broadband services (GigaHome), mobility, wholesale, and Internet of Things (IoT).
Vodafone Qatar is now serving 2.1 million mobile customers. EBITDA for the period increased by 5.9 percent year-on-year to QR672 million primarily driven by higher service revenue and the continued effectiveness in implementing the company’s cost optimisation programme.
As a result, EBITDA margin improved by 1.5ppts reaching 42.4 percent. Consequently, the net profit margin rose 1.7ppts year-on-year to 18.5 percent.
Lastly, the company achieved a return on capital employed (ROCE) of 11.3 percent in H1 2024 (annualised), reflecting a 0.7ppts increase compared to FY 2023.
This is the result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth. Vodafone Qatar provides a comprehensive range of services including voice, messaging, data, fixed communications, IoT and ICT managed services in Qatar, for both consumers and businesses alike.