Ooredoo Oman’s 1Q18 earnings up 18.8% Y-o-Y on slightly improved margins, stable revenues
Ooredoo Oman [ORDS.OM], a subsidiary of Ooredoo Group [ORDS.QA], announced initial 1Q18 results, reporting net profit of OMR8.2mn for the quarter, rising 18.8% Y-o-Y, 3.8% Q-o-Q. Revenues came in at OMR68mn, still largely stable Y-o-Y (+0.3%) and falling 1.9% Q-o-Q, while EBITDA stood at OMR37.4mn (1.4% Y-o-Y, -2.6% Q-o-Q), implying a fairly stable EBITDA margin of 55% vs. 54% last year and 55.4% last quarter. Customer numbers declined slightly (-0.1% Y-o-Y, -0.5% Q-o-Q), dropping 3,057k.
Ooredoo Group: QAR83.00 as of 15 Apr. 2018, Rating: Neutral, TP: QAR118.00/share, MCap: USD7,304mn, ORDS QD/ORDS.QA
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