Qatar – The profits attributable to the shareholders of National Mobile Telecommunications Company (Ooredoo) rose by 10% to QAR 2.92 billion in the first nine months (9M) of 2024, up from QAR 2.66 billion in the same period last year.
Revenues also grew by 2%, reaching QAR 17.65 billion in January-September 2024, compared to QAR 17.24 billion a year earlier, according to the consolidated financial statement. Earnings per share (EPS) amounted to QAR 0.91 in 9M-24, an increase from QAR 0.83 year-on-year (YoY).
Income Results for Q3-24
In the third quarter (Q3) of 2024, Ooredoo reported net profits attributable to owners of QAR 1.05 billion, marking an annual increase of 21% from QAR 869 million. Revenues for Q3 rose by 1% YoY to QAR 5.86 billion, compared to QAR 5.83 billion, while EPS surged by 22% YoY to QAR 0.33 from QAR 0.27.
Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, commented, “The group continues to reap the benefits of the initiatives undertaken over recent years to transform our operational model, focusing on high-value assets and achieving high-quality growth across the markets in which we operate.”
He added, “We also secured funds through bank financing and a long-term bond issuance, underscoring the perception from our banking partners and the market that Ooredoo is regarded as a reliable, secure, and future-proof investment option.”
Aziz Aluthman Fakhroo, CEO of Ooredoo Group, stated, “We advanced our journey toward becoming the MENA region’s leading digital infrastructure provider, achieving a major milestone in our strategic vision by securing QAR 2 billion through a significant financing initiative to accelerate the expansion of our data center and AI business.”
Fakhroo noted that the funds will be strategically allocated to carve out existing data center assets from telecom operations, focusing on boosting capacity and upgrading infrastructure to meet rising demand.
As of 30 June 2024, Ooredoo recorded a 4% YoY increase in net profit to QAR 1.87 billion.
