Ooredoo Group announced Wednesday its financial results for the quarter ended March 31,2021.

The Group revealed in a statement that EBITDA increased by 6% year-on-year to QR3.2 billion in Q1 2021, as the company maintains its focus on digitalization and cost optimisation.

EBITDA margin increased to 45% in Q1 2021 from 41% in Q1 2020, supported by EBITDA margin expansion in Indonesia, Kuwait, Iraq and Myanmar. Excluding FX impact, EBITDA increased by 9%.

The Group Net Profit attributable to Ooredoo shareholders decreased by 50% year-on-year to QR193 million in Q1 2021 mainly due to Foreign Exchange impact coming from Myanmar with an FX Loss in Q1 2021 versus an FX Gain in Q1 2020, the statement added, noting that excluding the FX impact the Net Profit increased by 120%.

The Group registered Marginal year-on-year revenue decline of 1% to QR7.2 billion in Q1 2021 due to a negative FX impact. Despite the COVID-19 pandemic, excluding FX impact, revenue increased by 1%, mainly driven by growth in our home market Qatar and in Indonesia.

Commenting on the results, HE Chairman of Ooredoo Sheikh Faisal bin Thani Al-Thani said that Ooredoo Group delivered a robust set of results during the first quarter of 2021 despite challenging market conditions across many of our territories. "We remained focused on our digital transformation agenda which has enabled us to create value for our customers by offering a seamless and convenient user experience as well as optimise our cost base by streamlining and automating processes. Consequently, our EBITDA margin improved to 45% in Q1 2021 compared to 41% for the same period last year," he added.

"We made good progress with our strategy to move to a more efficient and flexible asset-light model with the successful sale and leaseback agreement valued at USD 750 million for more than4,200of our telecom towers in Indonesia to Edge Point Indonesia. Monetising these assets forms an integral part of our group strategy to create value for both our shareholders and customers," he continued.

"During the quarter Ooredoo Group successfully priced its USD one billion bond issuance, reflecting the market's confidence in the strength and stability of our balance sheet as well as our strategy to deliver new and innovative solutions to our customers by leveraging our world class technology and infrastructure," HE Sheikh Faisal bin Thani Al-Thani stated.

For his part, Managing Director of Ooredoo Aziz Aluthman Fakhroo said that Ooredoo Group had a solid start to the year,despite challenging market conditions due to the COVID-19 pandemic, noting that the Group's results were driven by the ongoing implementation of the company's cost optimisation strategy which includes leveraging technology to drive efficiency.

Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.

Ooredoo generated revenues of QR29 billion as of 31 December 2020. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.

(QNA)