Doha, Qatar: Vodafone Qatar continued its growth trajectory in Q1 2024, reporting net profit of QR150m for the three months ended 31 March 2024, representing an increase of 12.5% year-on-year.
Total revenue increased by 3.9% year-on-year reaching QR806m due to sustained growth across various business segments, including fixed broadband services, managed services, Internet of Things (IoT), handsets and others. Service revenue grew by 2.5% to QR704m.
EBITDA for the period increased to QR338m, reflecting a growth of 5.4% year-on-year, positively impacted by higher service revenue and the continued effectiveness in implementing the Company’s cost optimisation programme. Consequently, EBITDA margin expanded by 0.6ppts reaching 41.9%.
Vodafone Qatar is now serving 2.1 million mobile customers representing a growth of 1% comparing to Q1 last year.
Lastly, the Company achieved a notable return on capital employed (ROCE) of 11.5% in Q1 2024 (annualised), reflecting a 0.8ppts increase compared to the previous year. This is the result of successfully allocating capital to existing and new areas to diversify revenue and accelerate profitable growth.
