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Qatari telecommunications company Ooredoo made a Q2 2023 net profit of 831 million riyals ($228 million), up 26% versus the year-ago period. The company said it is on track to achieve guidance targets for 2023.
The net profit easily beat the mean analysts' estimate of QAR 732 million, according to data provider Refinitiv.
Revenue for the quarter came in 4% higher at QAR 5.77 billion, the telecoms company said in a statement on the Qatar Stock Exchange.
First half net profit was 20% higher at QAR 1.6 billion.
The telco, which operates across several countries in the region, said it plans to increase capex for the second half of the year.
The telecom group also said it is making steady progress towards achieving its 2023 targets. "The revenue target is expected to remain stable, while the EBITDA margin is projected to be in the low 40% range. Additionally, the planned CAPEX for the year will increase in the second half of the year to reach approximately QAR 3 billion."
(Reporting by Brinda Darasha; editing by Seban Scaria)
