Ooredoo Posts 4 Pct Increase in Net Profit in 2016

Ooredoo Group announced its financial results for the year ended 31 December 2016, posting net profit of QR 2.2 billion, an increase of 4 percent compared o the previous year, the group said in a press release issued on Wednesday. Group earnings per share stood at QR 6.84 in 2016, compared to QR 6.61 in 2015. 
Ooredoo Chairman HE Sheikh Abdulla bin Mohammed bin Saud Al-Thani said Ooredoo has delivered "good" value for its shareholders in 2016, with growth in Revenues, EBITDA, net profit and customer numbers.  "Fueled by our ambition to advance from a telecom operator to a leading international communications company, we achieved significant progress in rolling out our strategy in all our markets of operations. We strengthened our service offering and delivered world class infrastructure, connecting 138 million people to a better future," Ooredoo chairman said. 
"We are the first telecom provider to launch 4G services in several of our markets, with eight of our operations now operating 4G networks. Some of our operations are already generating the majority of their revenues from data services.
Looking ahead to 2017, we are confident in our growth prospects and we will focus on developing the business into a premier communications company, and diversifying our product offering and revenues. We will pursue 5G trials prior to introducing the technology in Qatar, in support of our nation’s efforts to host the FIFA World Cup in 2022, as well as continue to make a strategic contribution to the fulfilment of the Qatar National Vision 2030," HE Sheikh Abdulla bin Mohammed bin Saud Al-Thani added.
In turn, Ooredoo CEO Sheikh Saud bin Nasser Al-Thani said the group's financial performance has been positive over the past year, with a "healthy" group revenue of nearly QR 33 billion and a "robust group net profit attributable to shareholders of QR 2.2 billion."

Source: QNA