Ooredoo H1 profit rises on strong core market growth

Unsplash.com/Hassan Ouajbir

Ooredoo Group, the Qatari telecommunications company, said net earnings attributable to shareholders rose 4 percent year on year to QR1.9 billion ($512 million) in the first six months of 2024, driven by strong performance in its core markets.

Revenue grew 3 percent annually to QR11.8 billion thanks to solid operational performances in Iraq, Algeria, Qatar, Tunisia and Maldives.

Net profit attributable to shareholders for the second quarter surged 15 percent to QR959 million from QR834 million a year ago. Revenues reached nearly QR6 billion, up 3 percent year on year.

---

---

“The sustained investment in our networks, strong market position and our commitment to customer excellence supported the performance,” said chairman Sheikh Faisal bin Thani Al Thani.

However, Ooredoo’s total customer base fell 4 percent year on year to 150 million by the end of H1.

Ooredoo said its financial position remains secure against interest rate risks as 97 percent of the debt is structured on a fixed-rate basis.

Liquidity is strong, with QAR 11 billion in cash reserves and QAR5.2 billion available in undrawn facilities.

• Saudi telco STC ends talks to buy Altice Portugal
• UAE telco e& loses appeal in Moroccan antitrust case
• Du quarterly profit jumps 46% as subscribers rise

The group said it is making steady progress towards achieving its 2024 targets. Revenue is expected to remain stable with full-year capex forecast to reach QAR3.5 billion as spending ramps up in the second half of the year.

Last December, Ooredoo, Zain Group and TASC Towers Holding signed definitive agreements to create the largest tower company in the Mena region.

The focus is to finalise the transaction in each market within the next 18 to 24 months, the company said.