Mubasher: Ooredoo posted a 12.7% year-on-year drop in profits for the third quarter of 2018.

Net profits amounted to QAR 403.2 million in Q3-18, compared to QAR 461.9 million in Q3-17, according to the company’s statement to the Qatar Stock Exchange (QSE) late on Monday.

For the first nine months of 2018, the Qatari-based telecom group’s profits declined 29.9% to QAR 1.09 billion, from QAR 1.55 billion in the same period of the prior year.

Earnings per share (EPS) recorded QAR 3.41 for the nine-month period ended September, versus QAR 4.87 for the same period the year before.

Revenues stood at QAR 22.8 billion in the January-September period of 2018, driven by strong contributions from Qatar, Kuwait, Oman, Iraq, and Myanmar.

“Ooredoo Group maintains its global leadership in telecom innovation, being the first telecom operator to test the world’s first self-driving 5G connected aerial taxis, in line with our mission to support Qatar’s digital transformation vision. 5G technology is now a reality in Qatar, where we have 80+ live 5G sites and counting,” Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, chairman of Ooredoo, commented.

It is worth noting that the firm’s profits decreased by 37.2% year-on-year to QAR 688.92 million during the first half of 2018.

By 09:43 am Qatar time, Ooredoo’s stock inched down 0.06% at QAR 66.50.