Qatar’s Ooredoo profit rises 26% to $228m in Q2

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Qatari telecom company Ooredoo reported a net profit of QAR831 million ($228 million) in the second quarter of 2023.

This is an increase of 26 percent compared to a year earlier.  

Revenue for the second quarter rose four percent year on year to QAR5.77 billion, the telecom company said in a statement.

The net profit for the first half of 2023 climbed 20 percent year on year to QAR 1.63 billion.

Ooredoo Kuwait delivered a solid four percent year-on-year growth in revenue, reaching QAR 1.5 billion. 

While Asiacell, the first mobile telecommunications company in Iraq, achieved strong revenue growth in H1 2023, with an annual increase of 16 percent to QAR2 billion.

In addition, Ooredoo Algeria delivered an eight percent increase in revenue during the first six months of this year. 

“We are making significant progress on executing our strategy and are well on track to achieve our guidance targets,” said Aziz Aluthman Fakhroo, managing director and CEO of Ooredoo.

In July, Ooredoo, Zain Saudi and TASC Towers Holding entered exclusive negotiations to create an independent tower company comprising up to 30,000 towers.

The companies will proceed with negotiations on an exclusive basis to sign definitive agreements around Q3 2023, the telco said. 

However, Ooredoo’s tower network in Oman will follow a stand-alone process.