Vodafone Qatar announced its consolidated financial results for the six-month period ending June 30, 2024, reflecting continued improvement in financial and operational performance. The company achieved a half-year net profit of QAR 293 million, an increase of 12.8% compared to the same period last year, mainly due to an increase in earnings before financing costs, taxes, depreciation and amortization.
Total revenues increased by 2.2% year-on-year to QAR 1.59 billion, driven by a 2.8% growth in service revenues to QAR 1.41 billion. This increase is attributed to continued growth in fixed broadband (GigaHome), mobile, wholesale and Internet of Things (IoT) revenues. Vodafone Qatar now serves 2.1 million mobile customers.
EBITDA increased by 5.9% year-on-year to SAR 672 million, mainly due to higher service revenues and the continued effective implementation of the company’s cost optimization program. As a result, EBITDA margin increased by 1.5 percentage points to 42.4%. Consequently, net profit margin increased by 1.7 percentage points year-on-year to 18.5%.
Finally, the company achieved a return on invested capital (Return on Capital Employed) of 11.3% in the first half of 2024 (on an annual basis), an increase of 0.7 percentage points compared to 2023.
