(2018-11-08) Mobile data revenue grew by 64.7% YoY organically, Global Telecom chief Global Telecom Holding S.A.E. (GTHE), a leading provider of mobile telecommunications in Africa and Asia, announces its unaudited operating results for the third quarter of 2018.
VINCENZO NESCI, CHIEF EXECUTIVE OFFICER, COMMENTS:
“In Q3 2018, GTH continued to add customers and grew by 4.3% YoY to 104 million customers, driven by customer additions in all markets. In Algeria, we realised the first YoY increase since 2015. Total revenue increased by 6.3% YoY organically to USD 733 million. Data revenue continued to show strong organic2 growth, increasing by 64.7% YoY. EBITDA decreased by 1.4% YoY organically
to USD 330 million. EBITDA margin is still strong at 45.0%.
In Pakistan, the environment remained competitive. Jazz continued to show growth in both revenue and customers, with a YoY organic increase of 18.7% and 5.6% in total revenue and customer base, respectively. The country was marked by a further devaluation of its currency.
In Algeria, operating trends stabilized during Q3 2018, with customers and revenue growing QoQ. Revenue decreased YoY at a slightly lower pace compared to Q2 2018, as operational stabilization continued with sequential customer and revenue growth.
In Bangladesh, the regulatory environment remained challenging and there was limited customer growth in the market. The quarter was characterized by a further increase of price pressure led by competition, mostly in data offers. Revenue decreased organically2 by 5.8% YoY, while the customer base grew by 2.8% YoY and by approximately 1% sequentially. GTH recorded an accounting, non-cash impairment, related to macro economic developments and weakened operational performance of its operations in Bangladesh.
On 2 July 2018 Veon Ltd. submitted an offer for the acquisition of our shares in Pakistan and Bangladesh. On 10 October 2018 Veon withdrew its offer. We are now preparing for a potential rights issue to existing shareholders of at least USD 500 million to finance interest payments, maturing debt and corporate general purposes until the end of 2019.”
