Ooredoo reports 60% decline in Q2 profit, plunges on challenges in Algeria

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Qatar-based telecommunications group Ooredoo is facing challenges in Algeria, Indonesia and Myanma, reporting a 60 percent decline in second quarter profit, pointed out the company in a statement.

The company reported a net profit attributable to shareholders of 203 million riyals ($55.8 million) compared to 513 million riyals in the same period a year ago.

The revenue was below SICO Bahrain’s forecast of 431 million riyals in net profit and EFG Hermes’ forecast of 250.9 million riyals.

It is worth mentioning that Ooredoo operates in 10 countries in the Middle East, North Africa and Southeast Asia.
Reuters

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