Qatar telco Ooredoo Q1 net profit rises 13.6%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Revealed: the best Dubai Twitter accounts to follow

Revealed: the best Dubai Twitter accounts to follow

Live in Dubai and hoping to get in on the Twitter buzz? Here...

How to get the most out of social media, by Obama's 2008 campaign manager

How to get the most out of social media, by Obama's 2008 campaign manager

David Plouffe is credited with Barack Obama’s unlikely 2008 victory...

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...

Most Popular
Most Discussed