We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 30 Apr 2013 09:37 PM

Font Size

- Aa +

Qatar telco Ooredoo Q1 net profit rises 13.6%

The former monopoly made a net profit of $222 million in the three months to March 31

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.

Arabian Business: why we're going behind a paywall

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.