Ooredoo Net Profit Drops 37% to QR689 Million in 1^st Half of 2018

July 29, 2018

Ooredoo’s net profit amounted to QR689 million in the first half of 2018, compared to QR1,097 million for the same period last year, while its earnings per share reached QR2.15, versus QR3.42 for the same period in 2017.

The Group’ Comments:

Ooredoo’s total operating income decreased by 6% to QR15.29 billion, while its total expenses declined by 1.1% to QR14.22 billion. After adding other revenues, the company’s share in the results of joint ventures totaling QR352.8 million, compared to QR88.7 million in the corresponding period of 2017, and deducting privileges and fees of QR281.7 million, as well as income tax of QR262 million, the result is a profit attributable to shareholders of QR688.9 million, a drop of 37.2% compared to the corresponding period of 2017.

After subtracting currency losses and taking into account the decline in fair value totaling QR674.4 million – both generated profits of QR184.2 million in the previous year – the total comprehensive income shrank to QR140.9 million, compared to QR1,267.6 million.