Ooredoo Group Q3 Profit Falls by 51% on Forex Losses

Ooredoo Group Q3 Profit Falls by 51% on Forex Losses Image Credit: Ooredoo

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). 

H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chairman, Ooredoo
In Q3 we have seen a positive trend for Revenue and EBITDA. We are successfully implementing our digital strategy and delivering world class infrastructure and innovative products, which helped us increase our customer base by 16% to reach a total of almost 133 million.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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