Asiacell Announces Exceptional Financial Performance for 2023, Reaffirming Its Leading Position in Iraq’s Telecommunications Sector
Sulaymaniyah, Iraq – September 1, 2024 – Asiacell has announced its financial results for the fiscal year ending 2023, showcasing significant growth in revenue, profitability, and subscriber base. These results reflect the company’s commitment to innovation, meeting customers’ needs, enhancing its market leadership, and contributing to the growth of the Iraqi economy.
Asiacell recorded remarkable performance across various financial metrics in 2023. Revenue from ongoing operations increased by 11% compared to 2022, reaching IQD 1.659 trillion (one trillion six hundred fifty-nine billion IQD). EBITDA reached IQD 728 billion, a 13% rise from the previous year. The company's net profit reached IQD 352 billion, up by 33%, driven by effective cost management and operational efficiency. The subscriber base grew by 3.5%, totaling 17.7 million by year-end, compared to 17.1 million at the end of 2022, reflecting the success of the company’s customer acquisition strategies.
Commenting on the 2023 results, Asiacell’s Chairman, Faruk Mustafa Rasool, stated: "At Asiacell, we have succeeded in developing and elevating our services to enhance our leading position in Iraq’s telecommunications sector. This reflects our high commitment to providing advanced services to our subscribers. Asiacell has heavily invested in key business aspects to develop infrastructure, ensuring increased network capacity and performance. The company has pledged to provide outstanding services and utilize global technology to achieve strong financial results, continuing the series of significant achievements from previous years. In 2023, the company enhanced its performance with significant increases in both revenue and net profit compared to the previous year, clearly reflecting the success of the company’s continuous strategic development and execution oversight."
It is important to note that all figures and data presented pertain to the fiscal year 2023 and do not include any results or projections for 2024.
The company extends its thanks to the Iraq Securities Commission, the Iraq Stock Exchange, the Board of Accountancy and Auditing, and the accountancy auditor for their relentless efforts in overcoming the challenges that faced the publication of the financial statements within their original timelines, as outlined in the company’s disclosure to the Iraq Securities Commission on May 30th, 2024. Asiacell also expresses gratitude to its shareholders and investors for their trust in the company’s commitment to regular disclosure and enhancement of transparency.
