Ooredoo net profit down 39% in Q2 on adverse currency movements and Iraq security situation

Ooredoo posted revenue of QAR 8 billion (US$2.2 billion) in the second quarter of the year, down five per cent year-on-year. The group’s net profits for the period totalled QAR 501 million, a decline of 39% year-on-year.

Ooredoo said that the business during the period was impacted by adverse currency movements and the security situation in Iraq.

The telco ended Q2 with a total 114.2 million subscribers in its global operation, climbing 21 per cent year-on-year. Ooredoo said that the increase in the customer base was chiefly driven by strong performances in Indonesia, Myanmar, and Algeria.

Data represented 34 per cent of the group’s revenue in the first half of the year, up compared to 20 per cent in the first half of 2014. Qatar, Oman, Algeria, and Tunisia were the main drivers for the growth, as Ooredoo rolled out high-speed broadband networks, introduced new pricing and bundles, data offers, and services for its consumer and enterprise customers.

In Qatar, the company ended Q2 with 3.4 million mobile subscribers, up 14 per cent year-on-year. The operation in Qatar accounted for 25 per cent of the group’s overall revenue in the first half of the year.