Ooredoo’s Q1 profit falls 26 per cent to RO4.6mn
Ooredoo Oman has reported a 25.8 per cent year-on-year decline in its net profit for the three months period ended March 31, 2021. The company’s net profit for the first quarter of this year dropped to RO4.6mn compared with RO6.2mn reported for the same period in 2020.
Net profit for the first quarter was impacted by lower revenue and higher operating costs related to voice interconnections and device sales, Ooredoo said in its financial report submitted to the Muscat Stock Exchange.
Ooredoo’s revenue for the first three months of 2021 decreased by 4.5 per cent to RO64.4mn compared with RO67.4mn in 2020. The reduction in revenue was primarily driven by prepaid mobile revenue decline, the company said.
Ooredoo’s mobile postpaid customer base in Oman grew by 51.8 per cent to 469,059 customers in the end of March 2021 compared to 308,961 customers a year ago.
Mobile prepaid customer base decreased to 2.25mn as of the end of March 2021 compared to 2.36mn customers a year ago, partly driven by customers’ migration to the company’s postpaid schemes.
The company’s fixed service customer base marginally increased by 0.6 per cent to 172,082 customers as of March 31, 2021 compared to a year ago period.