Qatari telecom major Ooredoo’s net profit for Q4 2023 rose 27% to 352 million Qatari riyals ($96.68 million) compared to QAR 277 million in the same period last year.

Revenue increased 1% year-on-year (YoY) to QAR 5.92 billion, the telecom major said in a statement on Tuesday.

Net profit for 2023 reached an all-time high at QAR 3 billion. The effort, however, missed analysts’ mean estimate of QAR 3.42 billion, according to LSEG data.

Revenue grew by 2% YoY to QAR 23.2 billion last year, driven by robust performances in Iraq, Kuwait, Algeria, and Maldives. This was partially offset by a decline in revenue in Qatar, Tunisia, Myanmar, as well as Palestine due to foreign exchange depreciation.

Ooredoo’s board of directors will recommend a cash dividend of QAR 0.55 per share at the annual general meeting in March.

The company’s total customer base reached 57.6 million, up by 3% YoY.

(Editing by Brinda Darasha;