(The Group’s Comments) Ooredoo Net Profit Drops to QR
420.46 Million in Q1 2019
April 30, 2019
Profits: Ooredoo’s 2019 first quarter profits
fell by 13% to QR 420.5 million, compared to QR486.0 million for
the first quarter of last year, and its earnings per share stood
at QR 1.31 versus QR 1.52.
Comprehensive Income: Ooredoo posted
a first quarter valuation profit of QR 64.7 million, compared to
QR 156.6 million for the same quarter of 2018.
Revenues: decreased by about QR 500 million or
6.8% in the first quarter of 2019 to settle at QR 7.2 billion,
compared to QR 7.7 billion for the corresponding period of 2018.
Revenue was negatively impacted by the by 12.7% or QR 268
million decrease in NMTC revenues, which represents the
company's investments in the Middle East & North Africa (Kuwait,
Palestine, Oman, Tunisia and Algeria), as well as the Maldives.
In addition to that, Ooredoo’s domestic revenues also dropped by
6.4% or about QR 127 million.
Other Revenues: dropped to QR
190.5 million in the first quarter of 2019, compared to QR227.8
million for last year’s corresponding quarter, due to a decrease
of QR 90 million in foreign exchange profits. Likewise,
distributed profits revenues dropped by QR 8.4 million, while
the company’s miscellaneous revenues increased QR 69 million.
Expenditures: The 2019 first
quarter’s expenses amounted to about QR 6.82 million, versus
QR7.22 million for the corresponding period of 2018, a drop of
5.5% or QR 420 million.
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