Chairman's Message

Positioning Ooredoo for continued success

Dear Shareholders,

Ooredoo has been on a digital transformation journey for some years now, investing in networks, technology and people so that we can deliver transformational digital experiences for our customers wherever they want them online.

That forward-looking strategy delivered strong returns in 2020, as the communities we serve had to work and shelter at home, and proved even more important into 2021, as traffic volumes and demand for fast networks continued to rise. So many aspects of people’s lives are primarily digital these days – work, finance, entertainment and home – that the role of a reliable connectivity provider has never been more important.

Ooredoo is well-positioned to see strong returns from our digital-first strategy, as long as we continue to be agile and adapt to the fast-changing nature of our markets. Maintaining a culture of innovative thinking, developing new partnerships and delivering advanced services for unaddressed areas are critical success factors for Ooredoo as we work to make it easier for customers to find, buy and use our products online and deliver robust returns for our shareholders.

Sh. Faisal Bin Thani Al Thani
Chairman

14 February 2022

Managing Director's Message

Transforming our business to accelerate growth

Dear Shareholders,

Ooredoo is committed to creating value for our stakeholders based on the strong and sustainable development of our operations. While many businesses were impacted by the difficult macroconditions created by the COVID-19 pandemic and other challenges, Ooredoo prospered because of our defined strategy and prudent management.

2021 was a strong year, where we achieved substantial growth across all key financial and non-financial metrics. We accelerated commercial momentum, resulting in a positive financial performance with higher revenues, an expanded customer base, healthy cash reserves and improved EBITDA.

The challenges of 2021 reinforced the importance of being able to deliver high performance levels in an environment of accelerating change. We are confident that our updated strategy, enhanced ways of working and the strength of our team position us for continued success in 2022.

Global demand for our 2021 bond issuance, which was more than 3.4 times over-subscribed at its peak, suggests that this confidence is shared by international investor

Aziz Aluthman Fakhroo
Managing Director, Ooredoo Group

14 February 2022

Delivering robust results

  • Revenue - 29900 (Amount in QR millions)
  • EBITDA & EBITDA margin - 13050 (Amount in QR millions)
  • Free Cash Flow - 8205 (Amount in QR millions)
  • Dividend per share - 0.3 (Amount in QR)
  • Net debt* & Net debt EBITDA - 22771 (Amount in QR)
  • Total Customers - 121 (Amount in millions)

Revenue (Amount in QR millions)

  • 2021 - 29900
  • 2020 - 28867
  • 2019 - 29916
  • 2018 - 29927
  • 2017 - 32646

EBITDA & EBITDA margin (Amount in QR millions)

  • 2021 - 13050
  • 2020 - 12088
  • 2019 - 12847
  • 2018 - 12202
  • 2017 - 13640

Free Cash Flow (Amount in QR millions)

  • 2021 - 8205
  • 2020 - 6298
  • 2019 - 6978
  • 2018 - 7330
  • 2017 - 9099

Dividend per share (Amount in QR)

  • 2021 - 0.3
  • 2020 - 0.25
  • 2019 - 0.25
  • 2018 - 0.25
  • 2017 - 0.35

Net debt* & Net debt EBITDA (Amount in QR)

  • 2021 - 22771
  • 2020 - 24177
  • 2019 - 24975
  • 2018 - 22260
  • 2017 - 25138

Total Customers (Amount in millions)

  • 2021 - 121
  • 2020 - 120
  • 2019 - 117
  • 2018 - 115
  • 2017 - 164

Faster, more agile, more inspiring

Ooredoo’s competitive strategy, strong leadership and continued investment in broadband networks, as well as disciplined execution management, drove positive momentum in our competitive position in 2021. We drew key lessons from 2020 to support the evolution of our strategy, prioritising customer experience and the extraction of optimum value from our assets for our shareholders.

Our key strategic pillars

  • Value-Creating Portfolio

    Value crystallisation of hidden portfolio assets, as well as strengthening existing assets to drive higher capital returns for Ooredoo.

  • Excellence in Customer Experience

    Driving significant improvements of customer experience through simplification across touchpoints, journeys, products & processes.

  • Strengthen the Core

    Group-wide transformation programme focused on “performance enhancement”, and strengthened focus on operating efficiencies and CapEX management.

  • Evolve the Core

    Group-wide projects initiative focused on evolving operations with new capabilities, to evolve business models towards more agility and digital capabilities.

  • People

    New ways of working, coaching and mentoring, and developing personal ownership to advance, grow and contribute to Ooredoo.

Our global customer base exceeded 121 million in 2021

Ooredoo is a global telecommunications company headquartered in Qatar and with a global consolidated customer base of more than 121 million. Its operating network extends across 10 markets, with operations in Qatar, Indonesia, Kuwait, Oman, Iraq, Algeria, Tunisia, Myanmar, Palestine and Maldives.

  • Middle East - 25.7 m customers
  • North Africa - 19.7 m customers
  • Southeast Asia - 75.6 m customers

Qatar

Following the challenges of 2020, Ooredoo Qatar ended 2021 in a solid, stable position, reflecting the hard work and dedication of our employees, the strength of our corporate strategy and the effectiveness of our operations. 2021 was a year in which Ooredoo Qatar was in the spotlight; major sponsorships, significant partnerships, and groundbreaking innovations.

3%
Customers
25%
Revenue
29%
EBITDA
17%
CapEx

Total customers

  • 2021 - 3199
  • 2020 - 3048
  • 2019 - 3271
  • 2018 - 3281
  • 2017 - 3436
2021
Revenue QRm - 7464
EBITDA QRm - 3848
EBITDA Margin % - 52%
Blended ARPU* QR - 109.5
Employees - 1191
2020
Revenue QRm - 7073
EBITDA QRm - 3696
EBITDA Margin % - 52%
Blended ARPU* QR - 96.8
Employees - 1217
2019
Revenue QRm - 7301
EBITDA QRm - 3957
EBITDA Margin % - 54%
Blended ARPU* QR - 107.4
Employees - 1303
2018
Revenue QRm - 7742
EBITDA QRm - 3987
EBITDA Margin % - 52%
Blended ARPU* QR - 114.3
Employees - 1362
2017
Revenue QRm - 7791
EBITDA QRm - 3916
EBITDA Margin % - 50%
Blended ARPU* QR - 112.8
Employees - 1490

* Blended ARPU is for the three months ending 31 December.

Indonesia

Indosat Ooredoo delivered solid results in a market that has displayed great resilience and continued opportunities as total revenue rose by 14% year-on-year to QAR 8 billion and EBITDA grew by 22% to reach QAR 3.9 billion. We also announced the formation of our new entity, Indosat Ooredoo Hutchison, after receiving all required regulatory and shareholder approvals. We are now a stronger, world-class digital telecoms and internet company and are well-positioned to lead the digital transformation journey in Indonesia.

53%
Customers
27%
Revenue
30%
EBITDA
36%
CapEx

Total customers

  • 2021 - 63786
  • 2020 - 60274
  • 2019 - 59294
  • 2018 - 58074
  • 2017 - 110200
2021
Revenue QRm - 7994
EBITDA QRm - 3900
EBITDA Margin % - 49%
Blended ARPU* QR - 8.9
Employees - 2891
2020
Revenue QRm - 6983
EBITDA QRm - 3205
EBITDA Margin % - 46%
Blended ARPU* QR - 8.3
Employees - 3104
2019
Revenue QRm - 6728
EBITDA QRm - 2899
EBITDA Margin % - 43%
Blended ARPU* QR - 7.3
Employees - 3708
2018
Revenue QRm - 5919
EBITDA QRm - 1969
EBITDA Margin % - 33%
Blended ARPU* QR - 6.1
Employees - 3700
2017
Revenue QRm - 8145
EBITDA QRm - 3728
EBITDA Margin % - 46%
Blended ARPU* QR - 5
Employees - 4391

* Blended ARPU is for the three months ending 31 December.

Kuwait

2021 was a challenging year; but we strongly believe that where there are challenges, there are opportunities. Our success during 2021 reflects our efficient management style and our ability to transform and to listen to our employees, customers, managers and partners. This was made possible by Ooredoo Kuwait’s devoted team. Their talents and actions helped us achieve excellence every day.

2%
Customers
8%
Revenue
6%
EBITDA
7%
CapEx

Total customers

  • 2021 - 2518
  • 2020 - 2531
  • 2019 - 2588
  • 2018 - 2311
  • 2017 - 2216
2021
Revenue QRm - 2540
EBITDA QRm - 738
EBITDA Margin % - 29%
Blended ARPU* QR - 66
Employees - 1230
2020
Revenue QRm - 2492
EBITDA QRm - 617
EBITDA Margin % - 25%
Blended ARPU* QR - 59.3
Employees - 1363
2019
Revenue QRm - 2772
EBITDA QRm - 867
EBITDA Margin % - 31%
Blended ARPU* QR - 58.5
Employees - 1132
2018
Revenue QRm - 2905
EBITDA QRm - 662
EBITDA Margin % - 23%
Blended ARPU* QR - 68.8
Employees - 1225
2017
Revenue QRm - 2675
EBITDA QRm - 652
EBITDA Margin % - 24%
Blended ARPU* QR - 72.7
Employees - 1140

* Blended ARPU is for the three months ending 31 December.

Oman

In 2021, Oman’s market started showing signs of recovery. Backed by a strong network as well as competitive products and services, we continued to strengthen our position as Oman’s forward-thinking telecoms company. We will continue to innovate when it comes to our services, and support the country’s economic growth, especially as a new era of competition dawns. Above all, we will remain committed to our customers, offering them a seamless digital experience and offering our resources whenever we can.

2%
Customers
8%
Revenue
9%
EBITDA
10%
CapEx

Total customers

  • 2021 - 2863
  • 2020 - 2795
  • 2019 - 2864
  • 2018 - 3014
  • 2017 - 3072
2021
Revenue QRm - 2325
EBITDA QRm - 1212
EBITDA Margin % - 52%
Blended ARPU* QR - 43.9
Employees - 981
2020
Revenue QRm - 2509
EBITDA QRm - 1341
EBITDA Margin % - 53%
Blended ARPU* QR - 50.4
Employees - 983
2019
Revenue QRm - 2703
EBITDA QRm - 1490
EBITDA Margin % - 55%
Blended ARPU* QR - 54.7
Employees - 1022
2018
Revenue QRm - 2685
EBITDA QRm - 1463
EBITDA Margin % - 54%
Blended ARPU* QR - 60.1
Employees - 968
2017
Revenue QRm - 2670
EBITDA QRm - 1429
EBITDA Margin % - 54%
Blended ARPU* QR - 62.6
Employees - 1044

* Blended ARPU is for the three months ending 31 December.

Iraq

2021 was a year of ambition and achievement. 4G services were rolled out from ideation to execution and, in record time, Asiacell became an award-winning provider and the first Iraqi telco to pioneer this service in the country, outperforming its main competitor in the market. At Asiacell, we continue to work towards a future where digitalisation will revolutionise the lives of our customers.

13%
Customers
12%
Revenue
13%
EBITDA
14%
CapEx

Total customers

  • 2021 - 15985
  • 2020 - 14719
  • 2019 - 14162
  • 2018 - 14232
  • 2017 - 12925
2021
Revenue QRm - 3657
EBITDA QRm - 1672
EBITDA Margin % - 46%
Blended ARPU* QR - 19.2
Employees - 2820
2020
Revenue QRm - 4020
EBITDA QRm - 1765
EBITDA Margin % - 43%
Blended ARPU* QR - 22.3
Employees - 2833
2019
Revenue QRm - 4572
EBITDA QRm - 2040
EBITDA Margin % - 45%
Blended ARPU* QR - 29.2
Employees - 3167
2018
Revenue QRm - 4449
EBITDA QRm - 2093
EBITDA Margin % - 47%
Blended ARPU* QR - 26.8
Employees - 2832
2017
Revenue QRm - 4490
EBITDA QRm - 1982
EBITDA Margin % - 44%
Blended ARPU* QR - 29.9
Employees - 2773

* Blended ARPU is for the three months ending 31 December.

Algeria

2021 was a very positive year for Ooredoo Algeria. Revenues and EBITDA increased quarter-on-quarter as we expanded our 4G footprint across the country and enhanced our offering to provide the best data packages, network speed and reliable connectivity to our customers in the market. None of this would have been possible without the dedication shown by the entire Ooredoo Algeria team. We look forward to taking the company to new heights in 2022.

11%
Customers
8%
Revenue
6%
EBITDA
6%
CapEx

Total customers

  • 2021 - 12834
  • 2020 - 12523
  • 2019 - 12615
  • 2018 - 13887
  • 2017 - 14294
2021
Revenue QRm - 2275
EBITDA QRm - 786
EBITDA Margin % - 35%
Blended ARPU* QR - 14.9
Employees - 2694
2020
Revenue QRm - 2256
EBITDA QRm - 744
EBITDA Margin % - 33%
Blended ARPU* QR - 15.2
Employees - 2955
2019
Revenue QRm - 2501
EBITDA QRm - 867
EBITDA Margin % - 35%
Blended ARPU* QR - 15.5
Employees - 2895
2018
Revenue QRm - 2760
EBITDA QRm - 1029
EBITDA Margin % - 37%
Blended ARPU* QR - 15.5
Employees - 2807
2017
Revenue QRm - 3422
EBITDA QRm - 1506
EBITDA Margin % - 44%
Blended ARPU* QR - 18.2
Employees - 2785

* Blended ARPU is for the three months ending 31 December.

Tunisia

2021 was a successful year. Our core focus remained on enriching the local community through increased digitalisation while maintaining business growth. We continued our clear leadership in the technical, commercial and marketing fields and most importantly, we retained customer confidence in our business and products, which led to a successful year financially as we reported an increase in revenue of 7% to QAR 1.6 billion, compared to QAR 1.5 billion the previous year.

6%
Customers
5%
Revenue
5%
EBITDA
5%
CapEx

Total customers

  • 2021 - 6914
  • 2020 - 8078
  • 2019 - 9163
  • 2018 - 9052
  • 2017 - 8352
2021
Revenue QRm - 1617
EBITDA QRm - 625
EBITDA Margin % - 39%
Blended ARPU* QR - 15.6
Employees - 1437
2020
Revenue QRm - 1516
EBITDA QRm - 650
EBITDA Margin % - 43%
Blended ARPU* QR - 12.5
Employees - 1591
2019
Revenue QRm - 1476
EBITDA QRm - 682
EBITDA Margin % - 46%
Blended ARPU* QR - 11.2
Employees - 1560
2018
Revenue QRm - 1526
EBITDA QRm - 595
EBITDA Margin % - 39%
Blended ARPU* QR - 12.3
Employees - 1585
2017
Revenue QRm - 1530
EBITDA QRm - 606
EBITDA Margin % - 40%
Blended ARPU* QR - 11.9
Employees - 1600

* Blended ARPU is for the three months ending 31 December.

Myanmar

2021 was a year of recovery and continued resilience for Myanmar. Despite the political challenges and the new variants of the Covid-19 virus, our high-speed connectivity and innovative technologies allowed our business to position itself at the forefront of the competition. By capitalising on the shift in consumer behaviour, we were able to explore new opportunities which will enable us to enhance the digital lives of our customers.

9%
Customers
4%
Revenue
3%
EBITDA
3%
CapEx

Total customers

  • 2021 - 11491
  • 2020 - 14716
  • 2019 - 11527
  • 2018 - 9605
  • 2017 - 7915
2021
Revenue QRm - 1068
EBITDA QRm - 376
EBITDA Margin % - 35%
Blended ARPU* QR - 7.1
Employees - 841
2020
Revenue QRm - 1172
EBITDA QRm - 314
EBITDA Margin % - 27%
Blended ARPU* QR - 6.8
Employees - 849
2019
Revenue QRm - 1062
EBITDA QRm - 280
EBITDA Margin % - 26%
Blended ARPU* QR - 7.9
Employees - 836
2018
Revenue QRm - 1262
EBITDA QRm - 197
EBITDA Margin % - 16%
Blended ARPU* QR - 8.7
Employees - 914
2017
Revenue QRm - 1324
EBITDA QRm - 152
EBITDA Margin % - 11%
Blended ARPU* QR - 15
Employees - 966

* Blended ARPU is for the three months ending 31 December.

Palestine

Despite the ongoing political instability in Palestine and the impact of Covid-19 on the telecommunications industry, Ooredoo Palestine continued to operate efficiently and maintained its position in the market by delivering continued financial and commercial growth.

Through strategic planning and staying committed to the company’s vision and ambitions, we were able to deliver significant progress, and continued to deliver value to all our stakeholders.

1.1%
Customers
1.4%
Revenue
1.1%
EBITDA
0.6%
CapEx

Total customers

  • 2021 - 1382
  • 2020 - 1312
  • 2019 - 1323
  • 2018 - 1286
  • 2017 - 1016
2021
Revenue QRm - 408
EBITDA QRm - 149
EBITDA Margin % - 36%
Blended ARPU* QR - 21.6
Employees - 520
2020
Revenue QRm - 370
EBITDA QRm - 125
EBITDA Margin % - 34%
Blended ARPU* QR - 22.9
Employees - 514
2019
Revenue QRm - 362
EBITDA QRm - 109
EBITDA Margin % - 30%
Blended ARPU* QR - 23
Employees - 537
2018
Revenue QRm - 366
EBITDA QRm - 96
EBITDA Margin % - 26%
Blended ARPU* QR - 21.5
Employees - 534
2017
Revenue QRm - 312
EBITDA QRm - 69
EBITDA Margin % - 22%
Blended ARPU* QR - 25.1
Employees - 572

* Blended ARPU is for the three months ending 31 December.

Maldives

During 2021, our vision of a digital Maldives was more pronounced than ever as we remained committed to strengthening the nation’s digital network and supporting the growth of the economy. We delivered a stellar net profit of QAR 110 million, a growth of 14% and 4% growth in revenues. We look forward to more exciting and innovative projects to take Digital Maldives to the next level in 2022.

0.3%
Customers
1.4%
Revenue
1.6%
EBITDA
1.1%
CapEx

Total customers

  • 2021 - 368
  • 2020 - 349
  • 2019 - 405
  • 2018 - 440
  • 2017 - 440
2021
Revenue QRm - 422
EBITDA QRm - 208
EBITDA Margin % - 49%
Blended ARPU* QR - 66.3
Employees - 370
2020
Revenue QRm - 407
EBITDA QRm - 202
EBITDA Margin % - 50%
Blended ARPU* QR - 60.5
Employees - 366
2019
Revenue QRm - 481
EBITDA QRm - 264
EBITDA Margin % - 55%
Blended ARPU* QR - 56.2
Employees - 370
2018
Revenue QRm - 461
EBITDA QRm - 237
EBITDA Margin % - 52%
Blended ARPU* QR - 52.3
Employees - 359
2017
Revenue QRm - 435
EBITDA QRm - 236
EBITDA Margin % - 54%
Blended ARPU* QR - 53.3
Employees - 345

* Blended ARPU is for the three months ending 31 December.

Our Sustainability Framework and Key Topics

Ooredoo is committed to the highest standards of environmental protection, social impact and good governance, looking to build a sustainable legacy for all.

  • Protecting our Environment

    Conserving resources

  • Digital Opportunities and Community Care

    Digital opportunities

    Community care and procurement

    Safeguarding human rights

  • Creating Ethical Economic Opportunity

    Corporate governance

    Prevention of anti-competitive practices

    Prevention of corruption and bribery

  • Safeguarding our Customers

    Customer security and privacy

    Responsible relationships with customers

  • Developing our People

    Ensuring equality and opportunity

    Training and professional development

    Health and safety

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