Qatari Ooredoo Q2 net profit rise 26%, beats estimates

Ooredoo, Qatari telecommunications company, announced on Monday that its net profits in Q2 2023 rose to 831 million Qatari riyals ($228 million), up 26 percent.

The company said it is on track to achieve its guidance targets for 2023. According to Refinitiv, the company’s net profit beat the mean analysts’ estimate of 732 million riyals.

The second quarter’s revenues were four percent higher at 5.77 billion riyals, the company said in a statement on the Qatar Stock Exchange. The first half net profit was up by 20 percent at 1.6 billion riyals.

“The revenue target is expected to remain stable, while the EBITDA margin is projected to be in the low 40% range,” the company said.