(MENAFN) Vodafone Qatar announced its consolidated financial results for the six months ending June 30, 2024, showcasing continued improvement in both financial and operational metrics. For this period, the company reported a net profit of QR293 million, marking a 12.8 percent increase from the previous year. This growth was primarily driven by a rise in EBITDA.

Total revenue for the first half of 2024 reached QR1.59 billion, reflecting a 2.2 percent year-on-year increase. This rise was largely due to a 2.8 percent growth in service revenue, which amounted to QR1.41 billion. The increase in revenue can be attributed to the robust performance of the company’s fixed broadband services (GigaHome), mobility services, wholesale, and Internet of Things (IoT) offerings. Vodafone Qatar’s customer base has now expanded to 2.1 million mobile users.

EBITDA for the period saw a 5.9 percent increase from the previous year, reaching QR672 million. This improvement was driven by higher service revenue and the successful implementation of the company’s cost optimization initiatives. Consequently, the EBITDA margin improved by 1.5 percentage points to 42.4 percent. The net profit margin also saw a rise, increasing by 1.7 percentage points year-on-year to 18.5 percent.

Additionally, Vodafone Qatar achieved a return on capital employed (ROCE) of 11.3 percent for the first half of 2024, annualized. This represents a 0.7 percentage point increase compared to the full fiscal year 2023. This positive result reflects the company’s effective allocation of capital toward existing and new ventures, which has helped diversify revenue streams and accelerate profitable growth.