Share the post "Qatar’s Ooredoo Reports Huge Profits"
Qatari telecom operator Ooredoo reported a 555% rise in fourth-quarter net profit.
It is a major comeback for the company which operates in about a dozen territories across the Middle East, Africa and Asia and had reported declining profits in six of the preceding nine quarters as foreign exchange losses and plunging earnings from conflict-torn Iraq outweighed a strong domestic performance.
The company said, in a statement that it made a net profit of 360 million riyals ($98.88 million) in the three months to December 31.
This compares with a profit of 55 million riyals in the year-earlier period.
An analyst at SICO Bahrain had forecast majority state-owned Ooredoo would make a quarterly profit of 465 million riyals.
The company’s board has recommended paying a 2015 cash dividend of 3 riyals per share. This compares with a payout of 4 riyals per share for 2014.
Fourth-quarter revenue was 7.97 billion riyals. This compares with 8.37 billion riyals a year earlier.
Ooredoo made a net profit of 2.12 billion riyals in 2015, near-flat versus its profit of 2.13 billion riyals in 2014.