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Ooredoo announced in June it had withdrawn its bid for Vivendi's 53 percent stake in Maroc Telecom.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
The politics of big data

The politics of big data

The UAE may be one of the fastest adopters of e-government initiatives...

Gateway to a new era

Gateway to a new era

Could Telr be the answer to start-ups’ prayers? The new three...

7 of the best accounting apps

7 of the best accounting apps

Tamara Pupic tracks down some of the best accounting apps on...

1
Most Discussed
  • 23
    Why Qatar developers struggle despite construction boom

    Lets be fair, Dubai and Doha cannot be compared. Not only Dubai is ahead of Doha by more that 20+ years, but the UAE have the MENTALITY that Qatar unfortunately... more

    Saturday, 30 August 2014 1:43 AM - Mike
  • 7
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    I completely agree that Sri Lanka should not send any House Maids. Women should not be the solo breadwinner and destroy the life's of the children who... more

    Saturday, 30 August 2014 5:02 PM - Zaffe
  • 2
    Visitor beware

    It is absolutely disgusting to see the level of biasedness in this article and in AB in general.
    You pretty much slammed the entire 5-nations of the... more

    Tuesday, 26 August 2014 2:08 PM - RAH