Ooredoo Kuwait's consolidated revenue for H1 soars to $1.1bln

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Kuwait's National Mobile Telecommunications Company (Ooredoo) has recorded a 9% growth in its consolidated revenue for the first half which surged to KD346 million ($1.1 billion) from KD318 million ($1.03 billion) last year.

Announcing its financial results for the six-month period ended June 30, 2024, Ooredoo said the revenue growth was supported by the strong operational performance in Kuwait, Maldives, Tunisia and Algeria.

Consolidated customer base too increased with a 4% growth to hit 25.5 million compared to 24.6 million in H1 2023, while the ebitda increased by 8% to hit KD125 million compared to KD116 million in H1 2023.

According to Ooredoo, the net profit attributable to NMTC decreased to KD25 million from KD64 million in H1 2023. In Q1 2023, the company booked a KD43.8 million gain related to the regulatory tariff court case won against Kuwait’s Ministry of Communication and Communications and Information Technology Regulatory Authority. Excluding that gain, net profit to NMTC would be higher by 23% in H1 2024 compared to H1 2023, it added.

On its H1 performance, Chairman Sheikh Mohammad Bin Abdullah Al Thani said: "I am very pleased to report that NMTC continued to perform strongly in the second quarter. This is the result of key investments and strategic initiatives implemented over the past few years."

"NMTC’s commercial performance remained strong. Our customer base grew by 4% to 25.5 million. The investments into our network and systems helped us improve customer satisfaction," he noted.

"We continued to drive profitability in the quarter. Ebitda improved by 8%, in line with the pace of previous quarters, to KD66 million and Net profit attributable to NMTC increased by 18% compared to the same quarter in 2023 to reach KD13 million," said Sheikh Mohammad.

Ooredoo Kuwait’s customer base increased to 2.9 million in H1 2024, up by 2% compared to H1 2023, he added.-TradeArabia News Service