- Ooredoo achieved a 9% increase in consolidated revenue, reaching KD346 million ($1.1 billion), up from KD318 million ($1.03 billion) in the same period last year.
- The company’s consolidated customer base grew by 4%, totalling 25.5 million by June 30, 2024, compared to 24.6 million in the first half of 2023.
- Ooredoo’s EBITDA rose by 8% to KD125 million, up from KD116 million in H1 2023, reflecting strong operational performance.
- Despite a decrease in net profit to KD25 million from KD64 million in H1 2023, excluding a one-time gain in Q1 2023, the net profit attributable to NMTC would have shown a 23% increase.
Ooredoo’s financial performance for the first half of 2024 demonstrates significant progress, driven by robust operational results across Kuwait, the Maldives, Tunisia, and Algeria.
The National Mobile Telecommunications Company (Ooredoo) has achieved a notable 9% increase in consolidated revenue, rising to KD346 million ($1.1 billion) from KD318 million ($1.03 billion) in the same period last year.
Strong Operational Performance
Ooredoo’s solid revenue growth is attributed to its strong performance in several key markets. The company’s consolidated customer base expanded by 4%, reaching 25.5 million by June 30, 2024, up from 24.6 million in the first half of 2023.
Additionally, Ooredoo’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) climbed 8% to KD125 million, compared to KD116 million in H1 2023.
Despite these positive trends, Ooredoo reported a decrease in net profit attributable to NMTC (National Mobile Telecommunications Company), which fell to KD25 million from KD64 million in H1 2023.
This decline was partly due to a one-time gain of KD43.8 million in Q1 2023, related to a favourable outcome in a regulatory tariff court case involving Kuwait’s Ministry of Communication and the Communications and Information Technology Regulatory Authority. Excluding this exceptional gain, the net profit attributable to NMTC would have shown a 23% increase in H1 2024 compared to the same period in 2023.
Chairman’s Insights
Sheikh Mohammad Bin Abdullah Al Thani, Chairman of Ooredoo, expressed satisfaction with the company’s performance. He said he is pleased to report that NMTC is performing strongly in the second quarter. This result is a reflection of the significant investments and strategic initiatives which the company has implemented over the past few years.
Sheikh Mohammad highlighted the company’s success. He stated that the commercial performance is strong. The customer base has grown by 4% reaching 25.5 million. Investments in the network and systems have improved customer satisfaction.
He also mentioned the company’s focus on profitability. EBITDA has increased by 8% to KD66 million. The net profit attributable to NMTC has risen by 18% from the second quarter of the previous year reaching KD13 million.
Kuwait Market Highlights
In Kuwait specifically, Ooredoo saw a 2% increase in its customer base, which reached 2.9 million in H1 2024. This growth underscores the company’s strong market position and the effectiveness of its strategic investments in enhancing network capabilities and customer service.
Overall, Ooredoo’s impressive performance in the first half of 2024 underscores its strong market presence and the successful implementation of its strategic initiatives, despite the challenges posed by the previous year’s exceptional gains.
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Last Updated on July 22, 2024 by Safiya K
