Ooredoo Reports Mixed Financial Results in Q1 2024 Amid Growth and Challenges

In the first quarter of 2024, Ooredoo, a major telecom operator, reported net profits of QAR 912.93 million, a 5% decrease compared to QAR 960.56 million in the same period last year, according to the latest financial statements.

Despite the dip in profits, the company saw its revenues climb to QAR 5.86 billion, marking a 4% increase from QAR 5.63 billion last year. However, basic and diluted earnings per share (EPS) saw a slight retreat of 3%, moving from QAR 0.30 to QAR 0.29.

Total assets of the company decreased slightly, settling at QAR 56.83 billion at the end of March 2024, down from QAR 58.20 billion at the end of December 2023.

Faisal bin Thani Al Thani, Chairman of Ooredoo, highlighted the company’s robust start to the year, with a 4% revenue increase and a significant 26% jump in normalized net profit. “This performance is bolstered by our dedication to providing outstanding connectivity and customer service across our global operations,” Al Thani remarked.

Additionally, Ooredoo’s board of directors recommended a cash dividend of QAR 0.55 per share, which was approved at the annual general meeting on March 6, 2024. Looking forward, the chairman emphasized the company’s focus on enhancing operational efficiency and pursuing strategic initiatives to generate lasting value for stakeholders.

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