Qatar telco Ooredoo Q1 net profit rises 13.6%

Qatar telecoms group Ooredoo reported a 13.6 percent rise in first-quarter net profit, as increased revenue from Qatar, Iraq and Indonesia offset a sustained profit slump at its Kuwait and Oman units.

The former monopoly, which operates in about 16 countries across the Middle East, Africa and Asia, made a net profit of 808 million riyals ($222 million) in the three months to March 31, up from 711 million in the year-earlier period.

Analysts polled by Reuters had on average forecast Ooredoo would make a quarterly profit of between 712 million riyals and 1.04 billion.

The net profit increase comes despite earnings before interest, tax, depreciation and amortisation (EBITDA) falling 3.1 percent to 3.72 billion riyals.

The company did not provide a country-by-country profit breakdown, although Kuwait's Wataniya and Oman's Nawras - both Ooredoo subsidiaries - had reported shrinking first-quarter profits earlier this month. Each have posted profit declines for five straight quarters.

EBITDA from Indonesia rose 5.4 percent to 1 billion riyals, but EBITDA from Iraq and Qatar fell despite rising revenue. It was unclear how Ooredoo was able to achieve its first-quarter profit rise overall.

Ooredoo's revenue reached 8.44 billion riyals compared with 8.03 billion a year ago.

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

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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Understanding blockchain and its growing importance in the UAE

Understanding blockchain and its growing importance in the UAE

Project Pen’s John Lillywhite talks to Moe Levin, founder of...

2
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Saudi prince aims for Silicon Valley appeal to gleam at home

Saudi prince aims for Silicon Valley appeal to gleam at home

Photographs of Prince Mohammed meeting Facebook boss Mark Zuckerberg...

Most Popular
Most Discussed
sponsoredTracking