QATAR’S OOREDOO GROUP POSTS PROFITS OF QR 1.8 BILLION (USD 0.49 BILLION) IN NINE MONTHS

DOHA, - Qatar's Ooredoo Group has posted net profits of QR 1.8 billion (USD 0.49 billion), during the first nine months of 2016, up four percent compared to QR 1.758 billion, the corresponding period last year, Ooredoo announced.

The telecom major, delivered healthy profitability levels and value for shareholders, driven by strong contributions from its operations in Qatar, Oman, Indonesia, Algeria and Maldives, during the nine months.

The increase of net income during the period Jan-Sept, 2016, was also the result of exchange rate gains, partially reflected in Q3, the statement said.

Group customer base increased by 16 percent to almost 133 million, led by strong growth in Indonesia, Myanmar, Oman, Iraq, Tunisia, Algeria, Maldives and Palestine.

"Ooredoo has produced good results for the past nine months, delivering healthy profitability levels and value for its shareholders," Group Chairman, Sheikh Abdullah bin Mohammad Al-Thani, said.

"A recognised market leader in our core markets, we are the first telecom provider to launch 4G services in Myanmar, and we have just started the 4G roll-out in Algeria, with eight out of 10 of our operations now operating 4G networks," Sheikh Abdullah added.

Ooredoo Qatar's nine-month results (up to Sept) showed a slight improvement over last year.

Revenue stood at QR six billion (USD 1.65 billion), (plus one percent), EBITDA was QR 3.1 billion (USD 0.85 billion), (flat) and net profit was QR 1.6 billion (USD 0.44 billion) (plus two percent).

Customer numbers reached 3.4 million in Qatar, a decrease of one percent over 2015.

Source: Nam News Network