Ooredoo Oman Q1 Net Profit Rises 22% - Gulf Business
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Ooredoo Oman Q1 Net Profit Rises 22%

Ooredoo Oman Q1 Net Profit Rises 22%

The company had 2.72 million mobile and fixed line subscribers as of March 31, up 12 per cent from a year earlier.

Ooredoo Oman, the sultanate’s No.2 telecom operator, reported a 22 per cent rise in first-quarter net profit on Wednesday as revenue and its subscriber base increased.

The firm, majority-owned by Qatar’s Ooredoo, made a net profit of OMR10.7 million ($27.8 million) in the three months to March 31, up from OMR8.8 million in the year-earlier period.

Gulf Baader Capital Markets forecast Ooredoo Oman would make a quarterly profit of OMR10.5 million.

Chief Executive Greg Young told Reuters last September that Ooredoo Oman was reaping the rewards of heavy investment in its network over the past few years. It has reported rising profits in four of the preceding six quarters, but before that profits fell for seven straight quarters.

First-quarter revenue was OMR59.3 million, the company said in a bourse statement. This compares with OMR52.7 million a year ago, Reuters data showed.

The company had 2.72 million mobile and fixed line subscribers as of March 31, up 12 per cent from a year earlier.

Ooredoo Oman ended Oman Telecommunication Co’s (Omantel) monopoly in 2005.

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