Qatar-based Ooredoo announces net profit of $302mln in 2020

SectorFinancial Markets

Ooredoo Group's net profit attributable to shareholders decreased by 35% year-on-year to QR1.1 billion ($300 million) in 2020 mainly due to lower EBITDA and one off gains in 2019 from the Indonesian tower sales. Ooredoo Group maintains healthy cash reserves and liquidity levels, and with a net profit of QR1.1 billion, the Board recommends the distribution of a cash dividend of QR0.25 per share. In Q4 2020 the net profit was negatively impacted by Foreign Exchange losses mainly due to the devaluation of the Iraqi dinar and a one-off impairment from an investment. Revenue declined by 4% year-on-year to QR28.9 billion in 2020, due to the Covid-19 pandemic impact, with a reduction in handset sales and roaming business as well as macroeconomic weakness in some of our markets. This was partially offset by growth in Indonesia, Myanmar and Palestine. EBITDA declined by 6% year-on-year to QR12.1 billion in 2020, impacted by lower revenues and challenging market conditions across most markets. The company more...