Qatar-based operator group Ooredoo increased its revenue and reported a significant improvement in profit for the second quarter of the year, citing strong performances in Algeria, Indonesia and Iraq.
The company added a million customers during the three months to reach 92 million, a 1.1 per cent increase.
Net profit for Q2 was QAR1.19 billion ($327.9 million), up 6 per cent year-on-year from QAR1.12 billion. The company reported revenue of QAR8.70 billion, up 4.2 per cent from QAR8.35 billion reported a year ago.
The Qatar business saw second quarter revenue of QAR1.64 billion, compared to QAR1.57 billion in Q2 2012. The division had 2.75 million customers by the end of the quarter, during which it also launched LTE.
Of the foreign operations Wataniya, which operates in Kuwait, Tunisia, Algeria, Saudi Arabia, Maldives and Palestine, was the biggest contributor to revenue. The division reported Q2 revenue of QAR2.47 billion, compared to QAR2.46 billion in the second quarter of 2012.
Indonesian unit Indosat recorded second quarter revenue of QAR2.20 billion, up slightly from QAR2.10 billion a year earlier. Indosat’s customer base stood at 56.6 million by the end of the second quarter.
Building on the success of its IPO earlier this year, Asiacell in Iraq recorded Q2 revenue of QAR1.77 billion, compared to QAR1.69 billion in Q2 2012.
“We look to the second half of the year with confidence that our growth momentum will continue,” Group CEO Nasser Marafih commented.
During the quarter, Ooredoo secured one of the two mobile operating licences being offered in Myanmar. “Our aim – as in each of the markets across our footprint– is to offer our customers a world-class next-generation network as a trusted partner and provider of choice,” said Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Ooredoo chairman.
The group was also in the running to buy a 53 per cent stake in Maroc Telecom from French media group Vivendi but dropped its interest in June as it was seen to no longer be in the company’s best interests.
The company name legally changed from Qatar Telecom to Ooredoo in July with its stock exchange ticker changing from QTEL to ORDS. The Ooredoo brand was first introduced to Qatar and will be introduced to other operations during the rest of 2013 and into 2014.