Mubasher: The net profits attributable to the shareholders of National Mobile Telecommunications Company (Ooredoo) increased by 20% to QAR 1.79 billion during the first half (H1) of 2023.

The recorded net profits were compared with QAR 1.49 billion in H1-22, according to the consolidated financial statements.

Revenues hit QAR 11.40 billion as of 30 June 2023, higher by 3% year-on-year (YoY) than QAR 11.08 billion.

In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) amounted to QAR 0.56, an annual rise from QAR 0.47.

Financial Results for Q2-23

Ooredoo generated net profits attributable to the owners valued at QAR 834.28 million in the second quarter (Q2) of 2023, versus QAR 827.07 million during the same period a year earlier.

Revenues increased to QAR 5.77 billion in Q2-23 from QAR 5.54 billion in Q2-22, while the basic and diluted EPS remained unchanged at QAR 0.26.

Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo, said: “Our normalized net profit increased 26% in Q2 YoY, and we remain on track to achieve our guidance targets for 2023.”

“Ooredoo Kuwait delivered a solid 4% YoY growth in Revenue reaching almost QAR 1.50 billion. Asiacell achieved strong revenue growth in H1-23, with a YoY increase of 16%, reaching more than QAR 2 billion. In addition, Ooredoo Algeria delivered an 8% increase in revenue during H1-23,” Fakhroo added.

He concluded: “We continue to strengthen our position as a leading telecommunications company striving to deliver competitive services to our customers and exceptional value to our stakeholders.”

As of 31 March 2023, the company registered QAR 961 million in net profit attributable to the equityholders, up 43% YoY from QAR 671 million.

It is worth noting that Ooredoo is cross-listed on Abu Dhabi Securities Exchange (ADX), Qatar Stock Exchange (QSE), and Boursa Kuwait.