(The Group’s Comments) Ooredoo’s Net Profit Rises to
QAR 841.1 Million for the First Half of 2019
July 29, 2019
Profits: Ooredoo’s profits jumped by 22% from
the first half of 2019 to QAR 841.2 million, compared to QAR 689
million for the same period in 2018, while its earnings per
share reached QAR 0.26 versus QAR 0.22 for the corresponding
period of 2018. As for the second quarter, the company posted a
profit of QAR 420.7 million, compared to QAR 202.9 million for
the same quarter of 2018.
Comprehensive Income: the company
recorded a first half valuation profit of QAR 322.1 million
compared to a loss of QAR 674.4 million for the first half of
2018.
Revenues: decreased by QAR 614 million or 4.0%
to QAR 14.51 billion for the H1 2019, compared to QAR 15.12
billion for the corresponding period of 2018. The biggest
decline was in the sales of devices and equipment, which
decreased by QAR 377 million, and revenues from telephone
services fell by QAR 238 million.
Other Revenues: jumped from QAR
161.7 million by the end of the first half of 2018, to QAR 348.4
million by the end of the first half of this year, an increase
of 116%. The exchange rate had a significant impact on the
results of the period. The company recorded a profit of QAR 51.6
million, compared to a loss of QAR 157.6 million for the
corresponding period, meaning that the exchange rate item
between the two periods amounted to about QAR 209 million.
Expenses: decreased significantly by 17% to
reach QAR 5.23 billion compared to QAR 6.12 billion, i.e. the
decline was about QAR 890 million, which had a positive impact
on the results. It should also be noted that the income tax
expense for the period decreased by QAR 95 million, and the
company had applied the accounting standard No. 16, which had a
negative impact of profits by QAR 67.5 million.
Results of Associates & Joint Ventures: Ooredoo’s share of this item decreased significantly from QAR 191.2
million in the first half of 2018 to QAR 21.9 million for the
first half of 2019.
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