(The Group’s Comments) Vodafone Qatar's Net Profit Rises to QAR 78.1 Million for the First Half of 2019

July 30, 2019

Profits: Vodafone Qatar’s profits for the first half of 2019 rose to QAR 78.07 million, compared to QAR 48.71 million for the same period of last year, an increase of 63.6%, while its earnings per share reached QAR 0.018 versus QAR 0.011 for the same period in 2018. As for second quarter, the company posted a net profit of QAR 34.6 million, compared to QAR 31.2 million for the same quarter of 2018. In respect of Comprehensive Income, Vodafone did not record any assessment differences in the statement of comprehensive income for the period.

Revenues & Profits: revenues rose by 1.0% to QAR 1,062.2 million versus QAR 1,052.2 million, but the company was able to significantly reduce operating costs, especially those related to networks and rentals, which led to higher profits.

Application of Standard 16: Since the beginning of the year, the company has implemented Standard No. 16 on operating leases, which has resulted in an increase in financing costs by QAR 11.5 million, and the deduction of QAR 41.6 million under assets consumption right.