Banking & Finance Qatar’s Ooredoo profit falls despite 4% rise in revenue By Pramod Kumar May 1, 2024, 4:48 AM Reuters Ooredoo added two million customers in Q1 2024, up four percent year on year, bringing its total customer base to 58.5 million Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024 The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week However, revenue was partially offset by a decline in Qatar and Oman, along with the foreign exchange currency impacting Myanmar and the war impact in Palestine. The implementation of cost control measures was at the heart of the revenue rise, said Aziz Aluthman Fakhroo, CEO of Ooredoo Group. Ooredoo to spend $1bn upgrading overseas networks Ooredoo’s 2023 profit reaches all-time high of $824m Ooredoo to cut losses in Myanmar to tune of $2.3bn He added that the group’s quarter-end performance was backed by strong operational performance in Iraq, Algeria, Maldives, and Tunisia. The group added two million customers, up four percent year on year, in Q1 2024, bringing its total customer base to 58.5 million. The telco will pay a cash dividend of QAR0.55 per share for 2023. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
