(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.