Slide 1: Ooredoo Group Q1 2024 Results
OOREDOO GROUP Q1 2024 RESULTS 06 May 2024
Slide 2: Disclaimer
Disclaimer ▪ Ooredoo (parent company Ooredoo Q.P.S.C.) and the group of companies which it forms part of (“Ooredoo Group”) cautions investors that certain statements contained in this document state Ooredoo Group management's intentions, hopes, beliefs, expectations, or predictions of the future and
Slide 3: Presenters
Presenters Strategy and vision Aziz Aluthman Fakhroo Results review Group CEO Operations review Abdulla Ahmed A Al-Zaman Group CFO | 6 May 2024 |
Slide 4: Contents: Strategy and vision
Contents 1 Strategy and vision 2 Results review 3 Operations review 4 Additional information | | 4
Slide 5: Enriching people's digital lives
Our Vision Enriching people’s digital lives Positioning Ooredoo as the Leading digital infrastructure provider in the region Excellence in Value Focused Portfolio Customer Experience [Reduce Asset Base With Better External Use] [Protect & grow our customer asset] Our Strategy (2022-2024) People Stre
Slide 6: Strategy update
Strategy update Towers Data centers Fintech • Focus on closing transaction in each market • Qatar and Tunisia DCs have been carved out • On 28 April, PSP licence granted in Oman into a new independent, specialized data center entities • Continue to pursue licence applications in Iraq, Kuwait & Tunis
Slide 7: Contents: Results review
Contents 1 Strategy and vision 2 Results review 3 Operations review 4 Additional information | | 7
Slide 8: Group results | Key highlights Q1 2024
Group results | Key highlights Q1 2024 Healthy EBITDA expansion Double-digit Normalized Revenue growth FCF generation Net Profit growth Increased 4% to QAR 5.9 billion driven by Reported EBITDA grew 6% (normalized Normalized Net Profit up 26%** LC revenue growth in most markets +8%*) to QAR 2.5 bill
Slide 9: Group Q1 2024 YoY highlights
Group Q1 2024 YoY highlights Revenue EBITDA EBITDA margin Capex intensity +4% +6% (*+8%) +1pp (*2pp) 0.5pp QAR5.9bn QAR2.5bn 43% 7% Normalized Free Cash Flow Net Debt/EBITDA Customers Net Profit +8% (*+11%) +26%* to QAR1.0bn -0.3x +4% to 58.5mn +3%** to 159.3mn QAR2.2bn -5% to QAR0.9bn 0.8x *Normali
Slide 10: Revenue
Revenue Group revenue Q1 2024 Q1 2024 YoY change (QAR mn) Amount (QAR mn) and % - Quarterly +4% +4% +227 51 16 10 5,635 5,863 89 -4% 7% 5% 8% -3% -17% 271 16% 5,863 (4) (17) (18) -7% >100% (39) 5,635 29% (132) Group Iraq Algeria Kuwait Tunisia Maldives Palestine Oman Others Myanmar Qatar Group Q1 20
Slide 11: EBITDA
EBITDA Group EBITDA Q1 2024 Q1 2024 YoY change (QAR mn) Amount (QAR mn) and % - Quarterly EBITDA margin (%) +6% +6% +138 37 3 44 4% -9% -5% 2,546 59 94% -34% 2,408 139 44% (4) (14) -4% 27% (29) -25% 2,546 (40) 33% (57) 2,408 42.7% 43.4% Group Iraq Algeria Tunisia Others^ Maldives Palestine Oman Myan
Slide 12: Net Profit | Reported and Normalized
Net Profit | Reported and Normalized Q1 2024 Net profit attributable to Ooredoo shareholders (QARmn) Reported Normalized +26% -5% 1,004 961 913 795 Q1 2023 Q1 2024 Q1 2023 Q1 2024 • Normalized Net Profit (excludes FX impact, impairments & major one-offs) increased by 26% to QAR 1.0 billion • Q1 2023
Slide 13: Net Profit | Reported to Normalized reconciliation
Net Profit | Reported to Normalized reconciliation Q1 2024 Q1 2023 Net Profit reported to normalized Net Profit reported to normalized (QARmn) (QARmn) 1,004 1 (56) 913 90 103 234 961 (446) 795 Q1 2024 FX impact Impairment^ Q1 2024 Q1 2023 FX impact Impairment IOH tower NMTC legal Q1 2023 Reported No
Slide 14: Capex
Capex Group Capex Q1 2024 (QAR mn) & Capex / Revenue % Q1 2024 (Change %) TUN 55 -3% MYN 54 396 382 QAT 46 KUW 41 ALG 7 PAL 0 IRA -28 7.0% 6.5% OMA -63 Q1-23 Q1-24 MAL -64 Capex breakdown (Q1 2024) Q1 2024 summary: Others PAL MAL MYN OMA 2% 1% QAT • Tunisia: Driven by investments in Fibre, Submarine
Slide 15: Free Cash Flow (FCF: EBITDA – Capex)
Free Cash Flow (FCF: EBITDA – Capex ) Group FCF Q1 2024 Q1 2024 YoY Change (QAR mn) Amount (QAR mn) and % - quarterly +8% +8% 2,164 +152 2,012 36 16 8 47 55 (4) (32) 160 2,164 (66) (68) 2,012 Group Iraq Algeria Oman Others^ Tunisia Maldives Palestine Myanmar Qatar Kuwait Group Q1-23 Q1-24 Q1 2023 Q1
Slide 16: Customer base
Customer base Total Customers at Q1 2024 YoY Change (‘000) (mn) +4% +4% +2,050 56.5 58.5 544 76 74 68 45 2 58,545 618 961 (339) 56,495 Group Iraq Myanmar Algeria Kuwait Tunisia Oman Palestine Maldives Qatar Group Q1 2023 Q1 2024 Q1-23 Q1-24 Customers breakdown Summary (Q1 2024) • Customer base incre
Slide 17: Debt Profile
Debt Profile QAR’mn Strong investment grade rating Repayment schedule Fixed vs Floating rate debt portion 5,131 444 4% • Net Debt/EBITDA ratio of 0.8x, below current Board guidance of 1.5x to 2.5x 10,047 5,462 2,970 2,136 1,824 • Strong liquidity position (combination of Cash and undrawn Cash & 189
Slide 18: Q1 2024 Actual & FY 2024 Guidance
Q1 2024 Actual & FY 2024 Guidance Group Finance KPIs Q1 2024 % change (YoY) FY 2024 Guidance Revenue QAR 5.9 billion +4% Flat EBITDA margin 43% +1pp ~ low 40%’s Capex QAR 382 million -3% ~QAR 3.5 billion • On track to meet guidance || | | 18
Slide 19: Contents: Operations review
Contents 1 Strategy and vision 2 Results review 3 Operations review 4 Additional information | | 19
Slide 20: Qatar
Qatar Q1 2024 (QAR mn, % YoY) Quarterly Trend (QAR mn) Revenue EBITDA EBITDA margin -7% -132 1,948 1,818 1,734 1,786 1,816 1,816 948 52% 51% 51% 51% 52% -7% -4% 1pp 45% 988 822 888 904 948 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (QAR mn, % YoY) Q1 2024 Mobile Fixe
Slide 21: Kuwait
Kuwait Q1 2024 (QAR mn, % YoY) Quarterly Trend (KWD mn) Revenue EBITDA EBITDA margin +8% +5 63 62 61 64 60 760 172 23% 35% 36% 32% 30% 7% -25% -10pp 23% 19 19 22 22 15 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (KWD mn, % YoY) Q1 2024 Mobile Fixed • Revenue growth of
Slide 22: Oman
Oman Q1 2024 (QAR mn, % YoY) Quarterly Trend (OMR mn) Revenue EBITDA EBITDA margin -3% -2 66 64 63 66 64 607 280 46% 47% 48% 49% 44% 46% -3% -1pp -5% 31 31 31 29 30 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (OMR mn, % YoY) Q1 2024 Mobile Fixed • Revenue was lower Yo
Slide 23: Iraq
Iraq Q1 2024 (QAR mn, % YoY) Quarterly Trend (IQD bn) Revenue EBITDA EBITDA margin +14% +52 434 446 438 386 393 1,209 561 46% 29% 33% 1pp 45% 46% 47% 46% 38% 173 182 202 170 203 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (IQD mn, % YoY) Q1 2024 Mobile Fixed • Strong
Slide 24: Algeria
Algeria Q1 2024 (QAR mn, % YoY) Quarterly Trend (DZD bn) Revenue EBITDA EBITDA Margin +14% +3 24 24 24 21 22 662 283 43% 39% 40% 42% 40% 43% 16% 27% 4pp 9 10 10 10 8 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (DZD mn, % YoY) Q1 2024 Fixed Mobile • Revenue increased b
Slide 25: Tunisia
Tunisia Q1 2024 (QAR mn, % YoY) Quarterly Trend (TND mn) Revenue EBITDA EBITDA Margin +5% +15 331 322 293 307 308 360 143 40% 5% 44% 11pp 41% 44% 40% 37% 29% 125 144 120 122 85 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (TND mn, % YoY) Q1 2024 Mobile Fixed • Revenue
Slide 26: Myanmar
Myanmar Q1 2024 (QAR mn, % YoY) Quarterly Trend (MMK bn) Revenue EBITDA EBITDA Margin +14% +19 147 155 145 142 136 185 55 30% 38% 41% 38% 37% -17% -34% -8pp 30% 51 60 52 56 46 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (MMK mn, % YoY) Q1 2024 Mobile Fixed • Revenue i
Slide 27: Maldives
Maldives Q1 2024 (QAR mn, % YoY) Quarterly Trend (MVR mn) Revenue EBITDA EBITDA Margin +8% +40 557 554 514 502 524 131 70 53% 59% 55% 56% 55% 53% 8% -2pp 4% 283 280 287 328 296 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (MVR mn, % YoY) Q1 2024 Mobile Fixed • Solid pe
Slide 28: Palestine
Palestine Q1 2024 (QAR mn, % YoY) Quarterly Trend (USD mn) Revenue EBITDA EBITDA Margin -4% -1 28 28 28 25 27 97 37 38% -2pp 40% 41% 41% 38% -4% -9% 34% 11 11 12 10 8 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Revenue EBITDA EBITDA Margin Revenue segments (USD mn, % YoY) Q1 2024 Mobile Fixed • Results were impac
Slide 29: Indosat Ooredoo Hutchison results
IDR 13.8 Tn ® 15.8% yoy EBITDA EBITDA Margin USD 411 Mn IDR 6.5 Tn 47% 1% Yo" fo @ 22.1% Yor © 2.4% Yor indosat* OOREDOO HUTCHISON Normalized Net-Profit USD 80 Mn IDR 1.2 Ta ORE LAVAS, Data Traffic Cellular Revenue ecs USD 735 Mn 3, 58 PB IDR 11.6 Tn @ 13.6% yor
Slide 30: IR updates
IR updates Upcoming Conferences (tbc) Arqaam 11th Annual MENA Conference Dubai, 27-28 May BofA Emerging Markets Corporate Conference Miami, 29-30 May HSBC GCC Exchanges Conference London, 10-11 June || | | 30
Slide 31: Q&A
Q&A | |
Slide 32: Contents: Additional information
Contents 1 Strategy and vision 2 Results review 3 Financial review 4 Additional information | | 32
Slide 33: KPIs Technology: Q1 2024
KPIs Technology: Q1 2024 4G FDD Sites as % 4G Population 5G Population 4G Contribution in Data Volume Country Total Sites Total Data Volume GB of total towers Coverage % coverage % total traffic % Grow % Algeria n/a 7,310 91.61% 77.00% 384,256,368 88.23% 40.35% Iraq n/a 7,647 99.33% 98.45% 257,370,8
Slide 34: KPIs Commercial: Q1 2024 (3 months)
KPIs Commercial: Q1 2024 (3 months) Number of MyOoredoo Post paid as Churn Churn Data users Digital complaints Country NPS App users RMS (*) % of total Mobile Fixed (‘000) recharge per 1000 (‘000) subs subs Algeria 3% NA 35 7,775 1,136 96% 34% 0.5 15% Iraq 7% NA 41 9,745 4,110 47% NA 2 1% Kuwait 3%
Slide 35: Blended ARPU
Blended ARPU Qatar (QAR)* Iraq (QAR) Oman (QAR) Maldives (QAR) Palestine (QAR) 71.3 72.0 70.8 100 104 104 104 103 66.8 67.4 23.8 24.8 40.5 39.5 39.4 22.6 38.4 21.0 21.2 20.9 21.8 36.3 19.6 19.1 18.1 Kuwait (QAR) Tunisia (QAR) Algeria (QAR) Myanmar (QAR) 14.8 9.3 16.4 16.4 8.1 61.3 61.7 61.6 60.8 60.
Slide 36: Opcos licence general information
Opcos licence general information Fixed Licence Mobile Licence Country Issuance date Expiry date Issuance date Expiry date Qatar 7 October 2007 6 October 2032 7 October 2007 6 October 2027 13 October 1997 Kuwait -- -- Indefinite Emiri Decree Iraq -- -- 30 August 2007 29 August 2030 Oman 8 June 2009
Slide 37: Statutory corporate income tax (CIT) rates
Statutory corporate income tax (CIT) rates Statutory Losses Carry Forward Country Comments CIT rate Allowed Algeria 26% 4 years Iraq 15% 5 years GCC companies (including NMTC) are exempted from CIT, but are Kuwait 15% 3 years subject to 4.5% Zakat, KFAS & National Labour Support Tax on consolidated
Slide 38: Thank you
THANK YOU Upgrade your world. Upgrade your portfolio. @OoredooIR • IR@ooredoo.com • www.ooredoo.com | |