Coronavirus Hits Asiacell Revenue

By John Lee.

Mobile phone service Asiacell has reported a sharp drop in revenue as a result of the coronavirus (Covid-19) crisis.

In its results for the nine-month period ended 30 September 2020, parent company Ooredoo said:

"Asiacell's performance for the first nine months of 2020 was impacted by movement restrictions across Iraq due to the COVID-19 pandemic. The company reported revenues of QAR 3.0 billion for the period, down 10% compared to the same period last year.

"As a result, EBITDA declined 11% to QAR 1.3 billion during the first nine months of 2020 compared to the same period last year. However, the company-s cost optimisation initiatives helped contain the impact from revenues, reflected in the stable EBITDA margin for 9M 2020 of 45%.

"Asiacell's customer base was stable at 14.2 million (9M 2019: 14.1 million) at the end of 9M 2020, supported by the company's digital offering. Asiacell launched its mobile app which became the most downloaded app by a telecom operator in Iraq, with more than 1.5 million downloads."

(Source: Ooredoo)

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