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30-10-19
Ooredoo net profit rises by 16 percent in first nine months of 2019
(MENAFN) One of the leading telecom services providers in the world, Ooredoo Group (Ooredoo), announced yesterday its financial results for the nine months ended September 30, 2019 reporting an increase by 16 percent in its net profit at USD0.357bn for the period compared to corresponding period last year.
A statement issued by Ooredoo yesterday, growth in profit was driven by an increase in EBITDA and a more favorable FX (foreign exchange rate) environment compared to 2018 partially offset by a negative IFRS16 impact on net profit.
The Group's revenues before the FX impact decreased by 1 percent, the reported group revenue was USD6bn, about 3 percent less than the same period last year, impacted by the industry wide shift from voice to data consumption, a decrease in handset sales as well as macroeconomic and currency weakness in some of our markets.
MENAFN3010201900450000ID1099197162
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