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On Wed, 31 Jul, 4:05 PM UTC
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Qatar: Ooredoo's net profits rise 4% in H1-24; assets down
The recorded net profits were higher by 4% year-on-year (YoY) than QAR 1.79 billion, according to the income statement The National Mobile Telecommunications Company (Ooredoo) registered QAR 1.87 billion in net profit attributable to the owners during the first half (H1) of 2024. The recorded net profits were higher by 4% year-on-year (YoY) than QAR 1.79 billion, according to the income statement. Total revenues grew by 3% to QAR 11.79 billion as of 30 June 2024 from QAR 11.40 billion in H1-23, while the earnings per share (EPS) went up to QAR 0.58 from QAR 0.56. Meanwhile, the company reported 3% lower assets at QAR 56.34 billion in H1-24, compared to QAR 58.20 billion at the end of December 2023. Financials for Q2-24 In the second quarter (Q2) of 2024, the cross-listed group logged net profits valued at QAR 959 million, an annual increase of 15% from QAR 834 million. The revenues climbed to QAR 5.93 billion in Q2-24 from QAR 5.77 billion in the year-ago period, while the EPS hiked to QAR 0.30 from QAR 0.26. Aziz Aluthman Fakhroo, CEO of Ooredoo, commented: "The strong commercial and operational momentum carried into H1-24, resulting in another strong quarter with growth across all key financial metrics." "Our clear focus on driving profitability has led to a normalised net profit growth of 14% to QAR 1.90 billion while normalised free cash flow grew by 6% to QAR 4.10 billion," Fakhroo added. He stated: "We also strategically positioned Ooredoo at the forefront of AI innovation by collaborating with NVIDIA to become an NVIDIA Cloud Partner. This marks NVIDIA's first major launch in the region, enabling us to deploy advanced AI technology across our data centres and accelerate digital transformation in the MENA region." Faisal bin Thani Al Thani, Chairman of Ooredoo, said: "Looking ahead as we strategically evolve toward becoming the leading digital infrastructure player in the region, we remain focused on efficiencies and value creation with a forward-thinking approach to navigate industry dynamics with resilience and adaptability." In Q1-24, the net profits attributable to the shareholders of Ooredoo stood at QAR 912.93 million. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
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UAE: Ooredoo H1 normalised net profit up 14% to $520mln
Ooredoo, a telecom leader, reported a normalised net profit of QR1.9 billion ($520 million), up by 14%, for the six-month period ended June 30. The company's revenues increased by 3% to QR11.8 billion and EBITDA was up by 6% to QR5.1 billion. EBITDA margin increased to 43%, up by one percentage point (pp). Ooredoo's Capec spend was QR1 billion during the period. Its customer base reached 150.6 million (including IOH and excluding Myanmar). The disposal of Ooredoo Myanmar operation was completed on May 31 and Ooredoo Group financial results for H1 2024 include results for Ooredoo Myanmar until May 31, it said. Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: "Ooredoo Group delivered a solid set of results for the first half of 2024. Revenue grew by 3% to QR11.8 billion with a noteworthy increase in normalised net profit of 14%. The sustained investment in our networks, strong market position and our commitment to customer excellence supported the performance. "In May, we completed the sale of Ooredoo Myanmar to Nine Communication Pte. This transaction is aligned to the 'value focused pillar' of our strategy to maintain leading market positions in the countries that we operate in. "Ooredoo continued to make good progress in executing its disciplined strategy aiming to unlock value through operational efficiencies and key strategic initiatives while navigating industry complexities. "Looking ahead as we strategically evolve toward becoming the leading digital infrastructure player in the region, we remain focused on efficiencies and value creation with a forward-thinking approach to navigate industry dynamics with resilience and adaptability," he said. Aziz Aluthman Fakhroo, CEO of Ooredoo Group said: "The strong commercial and operational momentum carried into the first half of 2024, resulting in another strong quarter with growth across all key financial metrics. "In H1 2024, revenue grew by 3% to QR11.8 billion, while EBITDA increased by 6% to QR5.1 billion, resulting in an EBITDA margin of 43%, improving by 1 percentage point YoY. This growth reflects healthy operational performances in Iraq, Algeria, Qatar, Tunisia and Maldives. "Our clear focus on driving profitability has led to a normalised net profit growth of 14% to QR1.9 billion while normalised free cash flow grew by 6% to QR4.1 billion," he said. "We continued to deliver on our strategic priorities with tangible progress in the first half of the year. In May, we completed the sale of our Myanmar operation after receiving all required approvals. On the fintech front, OFTI launched 'walletii', a mobile money app. Additionally, we established MENA Digital hub, our carrier-neutral data centre company. "We also strategically positioned Ooredoo at the forefront of AI innovation by collaborating with NVIDIA to become a NVIDIA Cloud Partner. This marks NVIDIA's first major launch in the region, enabling us to deploy advanced AI technology across our data centres and accelerate digital transformation in the MENA region," he continued. "Looking ahead, we are on track to meet our full-year targets. We remain committed to boosting profitability across our operations while advancing our strategic priorities as we forge ahead to become the leading digital infrastructure provider in the region." Ooredoo remains committed to its strategy based on five fundamental pillars: delivering exceptional customer experience, empowering our people, and nurturing talent, driving innovation as a smart telco, continuously evolving and fortifying our core operations, and maintaining a value-focused portfolio, the company said. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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Ooredoo, a leading telecommunications company, announces a 4% increase in net profits for the first half of 2023, despite a decrease in total assets. The company's normalised net profit shows a 14% growth, reaching $520 million.
Ooredoo, a prominent player in the telecommunications industry, has reported a mixed set of financial results for the first half of 2023. The company's performance shows both growth and challenges in different areas of its operations.
According to the latest financial reports, Ooredoo has experienced a 4% increase in net profits during the first six months of 2023 1. This growth in profitability is a positive indicator of the company's overall financial health and operational efficiency.
When considering the normalised net profit, which excludes exceptional items and provides a clearer picture of the company's core performance, Ooredoo has shown even stronger growth. The normalised net profit for H1 2023 increased by 14% compared to the same period last year, reaching an impressive $520 million 2. This significant increase underscores the company's ability to generate substantial profits from its primary business activities.
Despite the positive trends in profitability, Ooredoo has reported a decrease in its total assets. The company's balance sheet shows a reduction in the overall value of its assets compared to the previous reporting period 1. This decline could be attributed to various factors such as asset disposals, depreciation, or strategic restructuring of the company's portfolio.
Ooredoo's ability to increase its net profits and normalised net profit in the face of declining assets suggests that the company is focusing on operational efficiency and profitability. The telecommunications sector continues to be highly competitive and subject to rapid technological changes, making Ooredoo's financial performance particularly noteworthy.
As the company moves forward, investors and industry observers will likely be watching closely to see how Ooredoo balances its asset management with its profit growth strategies. The company's performance in the coming quarters will be crucial in determining whether it can maintain this growth trajectory and address the challenges posed by the reduction in total assets.
While the overall results are mixed, it's important to note that Ooredoo operates in multiple markets across the Middle East, North Africa, and Southeast Asia. The company's performance may vary across these different regions, with some markets potentially outperforming others. A more detailed breakdown of regional performance would provide additional insights into the company's strengths and areas for improvement.
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Emirates Integrated Telecommunications Company (du) has announced a remarkable 54% increase in net profit for the first half of 2024, driven by strong revenue growth and operational efficiency.
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Qatar's leading telecommunications company, Ooredoo, has secured a QAR 2 billion financing facility from Qatar National Bank and Doha Bank. The funds will be used to expand its data centre operations, marking a significant step in the company's digital infrastructure development.
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Borouge, a leading petrochemical company, announces a significant 33% year-on-year increase in Q2 2024 net profit, driven by record production volumes, strong sales, and cost efficiencies.
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ADNOC Distribution, the UAE's largest fuel and convenience retailer, announces impressive Q2 2024 results with significant growth in net profit and EBITDA. The company's expansion strategy and operational efficiency drive its success.
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UAE-based geospatial AI company Bayanat announces impressive revenue growth and strategic developments in the first half of 2024, showcasing its continued expansion in the AI and geospatial intelligence sector.
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