(Ecofin Agency) - The Qatari telecom group Ooredoo published its financial results for the first nine months of 2020. In Africa, the telecom company generated total revenue of 2.8 billion Qatari riyals ($769 million) resulting from lower revenues in Algeria and slightly higher in Tunisia.

In Algeria, Ooredoo - which deplores difficult market conditions characterized by strong price competition, a softened macroeconomic environment, and the depreciation of the dinar - reported a turnover of 1.7 billion Qatari riyals. It is down by 11% compared to the same period last year. As a result, earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 13% to 575 million Qatari riyals.

According to the telecom group, the Algerian subsidiary's revenue increased by 10% in Q3 2020 compared to the previous quarter, reflecting the initial stages of a recovery as restrictions on movement eased and business activity resumed. Its subscriber base stands at 12.3 million customers.

In Tunisia, Ooredoo recorded a 2% growth in revenues for 1.1 billion Qatari riyals. EBITDA amounted to 494 million Qatari riyals reflecting a 6% decline compared to the first nine months of 2019. To improve its cash flow by the end of the year, Ooredoo Tunisia which registers 8.8 million subscribers announces a continuity in the implementation of its cost optimization program and the improvement of its marketing expenses thanks to the use of digital channels.

In an economic context strongly marked by Covid-19, Algeria and Tunisia accounted for 13.08% of the group's total revenue which amounted to 21.4 billion Qatari riyals ($5.9 billion), down 3%. Ooredoo Group claims that EBITDA decreased by 4% to 9.2 billion Qatari riyals, "impacted by the decline in revenues and the increase in the cost of sales as well as difficult market conditions in Algeria, Kuwait, Iraq, and Oman."