Ooredoo registers solid financial performance in 9M-24; revenues surpass QAR 17.6bn - Mubasher Info

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Mubasher: The profits attributable to the shareholders of National Mobile Telecommunications Company (Ooredoo) rose by 10% to QAR 2.92 billion in the first nine months (9M) of 2024 from QAR 2.66 billion.

Revenues grew by 2% to QAR 17.65 billion in January-September 2024 from QAR 17.24 billion a year earlier, according to the consolidated financial statement.

The earnings per share (EPS) amounted to QAR 0.91 in 9M-24, up year-on-year (YoY) from QAR 0.83.

Total assets reached QAR 58.74 billion at the end of September 2024, a 1% increase from QAR 58.20 billion as of 31 December 2023.

Income Results for Q3-24

During the third quarter (Q3) of 2024, the cross-listed group posted net profits attributable to the owners valued at QAR 1.05 billion, an annual increase of 21% from QAR 869 million.

The revenues went up by 1% YoY to QAR 5.86 billion in Q3-24 from QAR 5.83 billion, while the EPS surged by 22% YoY to QAR 0.33 from QAR 0.27.

Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, said: “The group continues to reap the benefits of the initiatives undertaken over recent years to transform our operational model, focusing on high-value assets and achieving high-quality growth across the markets that we operate in.”

“We also secured funds through bank financing and a long-term bond issuance, underscoring the view from our banking partners and the market that Ooredoo is regarded as a reliable, secure and future-proofed investment option,” Al Thani continued.

Aziz Aluthman Fakhroo, CEO of Ooredoo Group, commented: “We advanced our journey toward becoming the MENA region's leading digital infrastructure provider, achieving a major milestone in our strategic vision by securing QAR 2 billion through a significant financing initiative to accelerate the expansion of our data centre and AI business.”

“We will strategically allocate these funds to carve out existing data centre assets from our telecom operations, with a focus on boosting capacity and upgrading infrastructure to meet rising demand,” Fakhroo indicated.

As of 30 June 2024, Ooredoo logged a 4% YoY increase in net profit to QAR 1.87 billion.

Source: Mubasher Source: {{details.article.source}}