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 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.
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 3 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 2 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 2 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 2 hours ago
