(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.