Mubasher: Vodafone Qatar has recorded the highest net profit ever of QAR 17.5 million by the end of the first quarter of 2018, compared to a net loss of QAR 74.2 million in the year-ago period.

The telecom company has posted a 2.8% growth in total revenues to reach QAR 532 million on the back of an increase in the number of post-paid subscribers and higher sales of devices, Vodafone said in a statement.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 2.9% year-on-year to QAR 135 million in Q1-18, versus QAR 131 million in the prior-year period.

Meanwhile, EBITDA Margin remained the same at 25.3% on annual basis, according to the statement.

The company has extended its Mobile Telecommunication Licence by an additional 40 years to 2068, resulting in an amortisation benefit of QAR 80 million per quarter, the statement noted.

Total subscribers amounted to 1.4 million at the end of 31 March 2018, backed by a strong growth in postpaid subscribers at 25% year-on-year due to the popularity of Vodafone Qatar’s FLEX and Enterprise plans.

“The structural changes made to the Company has positively impacted the financial results,” Vodafone Qatar’s CEO Hamad Abdulla Jassim Al Thani commented.

“These results clearly indicate the significant improvement in the Company’s operations and the encouraging impact of the licence extension,” Al Thani continued.

He further noted that the company will keep focusing on delivering “clear strategic objectives of world-class customer experience, digital and innovative products and solutions, and accelerated investment in fixed services to deliver strong shareholder value in the long term”.

Moreover, earnings per share (EPS) amounted to QAR 0.02 in Q1-18, compared to a loss per share (LPS) of QAR 0.09 in Q1-17, according to a bourse filing.