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Tue 1 Mar 2016 07:34 PM

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Qatar's Ooredoo says Q4 net profit surges by 555%

Telecom operator reverse recent trend by making net profit of nearly $99m in three months to Dec 31

Qatar's Ooredoo says Q4 net profit surges by 555%

Qatari telecom operator Ooredoo reported a 555 percent rise in fourth-quarter net profit on Wednesday.

The former monopoly, which operates in about a dozen territories across the Middle East, Africa and Asia, had reported declining profits in six of the preceding nine quarters as foreign exchange losses and plunging earnings from conflict-torn Iraq outweighed a strong domestic performance.

Ooredoo made a net profit of 360 million riyals ($98.88 million) in the three months to Dec. 31, it said in a statement.

This compares with a profit of 55 million riyals in the year-earlier period.

An analyst at SICO Bahrain polled by Reuters had forecast majority state-owned Ooredoo would make a quarterly profit of 465 million riyals.

The company's board has recommended paying a 2015 cash dividend of 3 riyals per share. This compares with a payout of 4 riyals per share for 2014.

Fourth-quarter revenue was 7.97 billion riyals. This compares with 8.37 billion riyals a year earlier.

Ooredoo made a net profit of 2.12 billion riyals in 2015, near-flat versus its profit of 2.13 billion riyals in 2014.

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