Qatar-based Ooredoo Group reported a 51% fall in its third-quarter net profit, posting QAR370 million in the three months to September 30 compared with a profit of QAR755.8 million during the same period last year. Ooredoo attributed the sharp fall to foreign exchange losses.
However, Ooredoo Group's net profit increased by 4% to QAR 1.8 billion for the first 9 months driven by strong contributions from Qatar, Oman, Indonesia, Algeria and Maldives. Its third-quarter revenues were up by 2% year-on-year to QAR 8.352 billion in the quarter compared to QAR 8.16 billion a year ago, driven by strong growth in data revenues from consumer and enterprise customers, which accounted for 39 percent of group revenues.
Moreover, Ooredoo's customer base increased by 16%, reaching almost 133 million driven by strong growth in Indonesia, Myanmar, Oman, Iraq, Tunisia, Algeria, Maldives and Palestine.
In a statement, Ooredoo said eight of its 10 operating markets now have 4G networks, with the company being the first to launch 4G in Myanmar and 4G roll-out in Algeria (post period October 2016).