Qatar's Ooredoo reports 44% rise in Q2 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Second-quarter profit at Qatari telecom Ooredoo soared 44 percent on Tuesday, beating analysts' estimates on increased revenue from the group's units in Iraq and Indonesia.

The former monopoly, which operates in about 16 countries across the Middle East, Africa and Asia, made a net profit of QR923m ($253.5m) in the three months to June 30, up from QR641m in the year-earlier period.

Analysts polled by Reuters had on average forecast a quarterly profit of QR845.31m.

Second-quarter revenue totalled QR8.7bn, compared with QR8.3bn a year ago, a company statement said.

Revenue from Indonesia in the first half grew 6.8 percent year-on-year to QR4.38bn, it said. Iraq first-half revenue grew 5.3 percent year-on-year to QR3.50bn.

Earlier this month Kuwaiti telecom Wataniya, an Ooredoo subsidiary, posted a 20 percent rise in second-quarter profit, reversing a five consecutive quarter profit decline.

Ooredoo's consolidated customer base grew 10 percent year-on-year, the statement said.

Ooredoo has spent about $3.9 billion since the start of 2012, increasing its stakes in some foreign units, taking majority control of Iraq's Asiacell, while it now owns 90 percent or more of Kuwait's Wataniya and Tunisia's Tunisiana.

The firm also plans to invest $15bn in Myanmar after winning a telecom licence in the Asian country in June.

Ooredoo announced in June it had withdrawn its bid for Vivendi's 53 percent stake in Maroc Telecom. Last week Vivendi said it was in exclusive talks to sell the stake for 4.2 billion euros ($5.6bn) to Etisalat .

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Growth spurt for Gulf's e-commerce sector

Growth spurt for Gulf's e-commerce sector

The recent sale of Talabat.com to Germany’s Rocket Internet for...

What's behind modern spaceship design?

What's behind modern spaceship design?

A fleet of privately owned vehicles is set to challenge NASA...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Most Discussed
  • 14
    Nakheel PR: The toughest job in Dubai?

    To be fair, anyone who still decides to invest their capital with Nakheel with all the data and track record available, deserves whatever comes their way... more

    Sunday, 29 March 2015 9:05 AM - Paul King
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder
  • 6
    Post traumatic stress?

    Yes good article.
    So much is wrong with the Central Post Office, but sadly nothing will ever change. more

    Wednesday, 25 March 2015 9:15 AM - whatnext
  • 14
    Nakheel PR: The toughest job in Dubai?

    To be fair, anyone who still decides to invest their capital with Nakheel with all the data and track record available, deserves whatever comes their way... more

    Sunday, 29 March 2015 9:05 AM - Paul King
  • 13
    Has Narendra Modi already lost the plot?

    Gaja, You said it in one sentence. Anil can't comment because Modi is an elected leader. He can't comment because India is the biggest democracy. While... more

    Saturday, 28 March 2015 10:24 AM - Rafi
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder