ISX News
Coronavirus Hits Asiacell Revenue
According to Ooredoo’s website, Asiacell (TASC)’s number of subscribers reached 14.2 mn as end of 9M20, up by 1% y/y. Revenues decreased 10% y/y to $814 mn (QAR3.0 bn) in 9M20 due to the negative impact of Covid-19, and the movement restrictions in the first half of the year which started to ease off. In addition, the company mentioned that the voice services which were significantly impacted in 1H20 are gradually recovering. EBITDA declined 12% y/y to $362 mn (QAR1.3 bn) in 9M20 while EBITDA margin decreased slightly from 45.3% in 9M19 to 44.5% in 9M20 with the positive contribution of cost optimization. Separately, five metro fiber locations and 284 km of Metro fiber were completed. Moreover, Asiacell’s new mobile app become the most downloaded app by a telecom operator in Iraq.
Source: https://www.iraq-businessnews.com/2020/10/29/coronavirus-hits-asiacell-revenue/
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