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4Q16 Results:

Pakistan’s reported results were positively impacted by the consolidation of Warid from 1 July 2016. Reported service revenue increased by 43%, while organically, excluding Warid, it increased by 16%, driven by growth in all revenue streams. Data revenue, excluding Warid, organically increased by 62%, mainly due to successful data monetization initiatives, including attractive bundle offers and the unification of the tariff portfolio, together with continued 3G network expansion. Underlying EBITDA margin, excluding integration costs related to the Warid transaction, was 40.3% in Q4 2016, slightly lower year-on-year due to the consolidation of Warid during 2016.

In Algeria, service revenue organically decreased 14%, primarily due to the combined impact of historic 3G coverage shortfalls, sub-optimal changes in early 2016 to billing increments and the commission structure for indirect distribution, which were partially corrected in Q2 2016, and forced migrations from legacy tariffs from late 2015 onwards. Data revenue continued to demonstrate strong organic growth of 70%, due to the higher usage and substantial increase in data customers as a result of the 3G and 4G/LTE network roll-out.

In Q4 2016, EBITDA organically decreased 20% due to the decrease in revenue, while underlying EBITDA organically decreased 24%, adjusted for exceptional costs of DZD 0.2 billion, related to the performance transformation program.

In Bangladesh, Banglalink’s service revenue organically decreased 2% in Q4 2016, mainly driven by aggressive competition on prices and offers, which accelerated after the SIM-reverification process, more than offsetting the continued organic increase in data revenue of 44%. This decline was also caused by the imposition of an incremental 2% supplementary duty on recharges, effective from June 2016, on top of the additional 1% surcharge introduced in March 2016, together with the gap in 3G network coverage versus the market leader.

Underlying EBITDA organically decreased by 11%, due to the decline in revenue and additional commercial costs as a result of the accelerated customer acquisition activity during the quarter.

Forward-looking statements

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