Ooredoo revenue rises by 3% to QR11.8bn in H1
The Peninsula
DOHA: Ooredoo ( Ooredoo ) Ticker: ORDS yesterday announced its financial results for the six month period ended 30 June 2024. The Group delivered...
DOHA: Ooredoo (“Ooredoo”) – Ticker: ORDS yesterday announced its financial results for the six-month period-ended 30 June 2024.
The Group delivered a double-digit Normalized Net Profit growth of 14% YoY to QR1.9bn (H1 2023: QR1.6bn). Normalized Net Profit is adjusted for foreign exchange, impairments, and exceptional items. The reported Net Profit reached QR1.9bn (H1 2023: QR1.8bn), up by 4% YoY.
Commenting on the results, 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 QR11.8bn with a noteworthy increase in normalized 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.