Tuesday, July 05
05:21 PM

Ooredoo’s profit declines 37 per cent to RO21mn in 2020

14 Feb 2021

Ooredoo Oman has reported a 37.2 per cent decline in its net profit for the year ended December 31, 2020. The company’s net profit dropped to RO21.3mn for the full year 2020 compared with RO33.9mn recorded in the previous year.

Ooredoo’s revenues decreased by 7.2 per cent to RO265mn in 2020 from RO285.5mn recorded in 2019. The decline in revenues was driven by lower mobile revenue, Ooredoo said in its yearly financial report submitted to the Muscat Securities Market.

Ooredoo’s total number of customers at the end of 2020 stood at 2,795,424. Prepaid mobile customer base decreased by 8.9 per cent to 2,199,348 users as of the end of December 2020 from 2,415,417 customers a year ago.

The company’s fixed service customer base slightly increased by 0.1 per cent to 168,870 customers at the end of 2020, while mobile postpaid customer base grew by 52.5 per cent to 427,206 customers as of the end of 2020 compared to 279,467 customers a year ago.

Ooredoo’s board of directors, in their meeting on Thursday, decided to recommend to shareholders a dividend payment of 25bz per share for 2020. The dividend payment is subject to approval of the shareholders at the annual general meeting on March 18.

The telecom service provider, in its yearly report, said that its 5G rollout is progressing well and the company has an aggressive plan to rollout 500 sites to support Oman’s communications needs way into the future.

‘We are excited to be leading the way with 5G, successfully launching consumer services in April, and at the height of lockdown. It was closely followed by 5G business services in August. And as we ended the year, we already offer excellent value plans, which are available to an ever-expanding number of locations across Oman,’ Ooredoo said.

The company said it will be diversifying into new business revenue streams including IoT, ICT, d2c, all of which are in different stages of development and need to be nurtured.

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac