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Qatar’s Ooredoo profit falls despite 4% rise in revenue

Ooredoo added two million customers in Q1 2024, up four percent year on year, bringing its total customer base to 58.5 million 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.

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.

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.

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