By John Lee.
Mobile phone service Asiacell has reported a sharp drop in revenue, when expressed in Qatari riyals, as a result of the devaluation of the Iraqi dinar.
In its results for the half year ended 30 June 2021, parent company Ooredoo said:
"Asiacell reported revenue of QAR 1.7 billion during the first half of 2021, a decrease of 12% due to the devaluation of the Iraqi Dinar by 17%, and an improved EBITDA margin of 46% driven by ongoing cost optimisation initiatives.
"Asiacell has invested in its digital transformation programme driven by the need to offer a safe and convenient service to its customers and was recognised for these efforts at the International Finance Awards, for the second year in a row.
"Asiacell's customer base increased by 9% to 14.5 million in H1 2021 compared to 13.3 million in H1 2020."