In its results for the first half of 2016, Qatar-based Ooredoo said that its Iraqi mobile phone business Asiacell continued to be impacted by the security situation, the challenging economic environment and a decrease of customer purchasing power in Iraq.
Revenue stood at QAR 2.1 billion [$577 million], down 15% compared with QAR 2.5 billion in H1 2015. EBITDA remained relatively stable at just over QAR 1 billion, a 3% decrease compared to H1 2015 and EBITDA margin improved to 48% from 42% in H1 2015 due to Asiacell’s successful cost reduction strategy.
Net Profit increased by more than 18% to QAR 74 million. Asiacell’s customer base remained relatively stable at 10.8 million, approximately in line with the previous year.
Asiacell continues to see an increase in data revenue following its launch of 3G services in 2015, in a market still largely driven by voice services.
During the period, Asiacell enhanced its sales channels to drive the penetration of data services and continues to make progress in recovering its network in liberated areas.