Mubasher: The National Mobile Telecommunications Company (Ooredoo) registered QAR 1.87 billion in net profit attributable to the owners during the first half (H1) of 2024.
The recorded net profits were higher by 4% year-on-year (YoY) than QAR 1.79 billion, according to the income statement.
Total revenues grew by 3% to QAR 11.79 billion as of 30 June 2024 from QAR 11.40 billion in H1-23, while the earnings per share (EPS) went up to QAR 0.58 from QAR 0.56.
Meanwhile, the company reported 3% lower assets at QAR 56.34 billion in H1-24, compared to QAR 58.20 billion at the end of December 2023.
Financials for Q2-24
In the second quarter (Q2) of 2024, the cross-listed group logged net profits valued at QAR 959 million, an annual increase of 15% from QAR 834 million.
The revenues climbed to QAR 5.93 billion in Q2-24 from QAR 5.77 billion in the year-ago period, while the EPS hiked to QAR 0.30 from QAR 0.26.
Aziz Aluthman Fakhroo, CEO of Ooredoo, commented: “The strong commercial and operational momentum carried into H1-24, resulting in another strong quarter with growth across all key financial metrics.”
“Our clear focus on driving profitability has led to a normalised net profit growth of 14% to QAR 1.90 billion while normalised free cash flow grew by 6% to QAR 4.10 billion,” Fakhroo added.
He stated: “We also strategically positioned Ooredoo at the forefront of AI innovation by collaborating with NVIDIA to become an NVIDIA Cloud Partner. This marks NVIDIA’s first major launch in the region, enabling us to deploy advanced AI technology across our data centres and accelerate digital transformation in the MENA region.”
Faisal bin Thani Al Thani, Chairman of Ooredoo, said: “Looking ahead as we strategically evolve toward becoming the leading digital infrastructure player in the region, we remain focused on efficiencies and value creation with a forward-thinking approach to navigate industry dynamics with resilience and adaptability.”
In Q1-24, the net profits attributable to the shareholders of Ooredoo stood at QAR 912.93 million.
