National Mobile Telecommunications Company (Ooredoo Kuwait) has delivered a solid performance for the nine-month period with a 8% revenue growth hitting KD527 million ($1.7 billion) compared to KD486 million ($1.5 billion), while its consolidated customer base increased by 5% to 26.4 million from 25.2 million last year.
Announcing its financial results for the nine-month period ended September 30, 2024, Ooredoo said the revenue benefited from sustained commercial momentum in Kuwait, Tunisia, Algeria and Maldives.
Consolidated customer base increased by 5% to 26.4 million for the nine months ended 30 September 2024 compared to 25.2 million for the same period in 2023.
The Kuwait telco's ebitda increased by 6% in the nine months ended 30 September 2024 to reach KD194 million compared to KD184 million for the same period in 2023.
However, the net profit attributable to NMTC decreased to KD42 million for the nine-month period from KD81 million for the same period in 2023. This decline is primarily attributable to the regulatory tariff court case won against Kuwait’s Ministry of Communication and Communications and Information Technology Regulatory Authority (CITRA) resulting in a KD43.8 million gain booked in Q1 2023.
The consolidated Earnings per share was 84 fils for the nine months ended 30 September 2024, compared to 162 fils earned for the same period in 2023, This decline is primarily attributed to the same impact mentioned above related to the regulatory tariff court case.
On the solid perfoamnce, Sheikh Mohammad Bin Abdullah Al Thani, Chairman of the Board of Directors said: "NMTC sustained its strong commercial momentum to deliver robust growth in the first nine months of 2024, across all key metrics."
"Consolidated revenue for the period grew by 8% YoY to KD527 million. This result was supported by the solid operational performance in Kuwait, Tunisia, Algeria and the Maldives," he stated.
"We reaped the rewards of investments made into our network to enhance and improve the customer experience, with our customer base growing by 5% to 26.4 million during the period. We aim to maintain this momentum by continuing to innovate and putting the needs of our customers first," he added.
Profitability for the year continues to improve with ebitda up by 6% YoY to KWD 194 million and Net profit attributable to NMTC reached KWD 42 million. Our consolidated Earnings per share reached 84 fils for the nine months of 2024.
Ooredoo Kuwait CEO Abdulaziz Al Babtain said: "As a leading ICT provider in Kuwait and the other markets we serve, we are continuously pushing boundaries. We don’t just respond to digital advancements — we anticipate them, consistently delivering cutting-edge services and solutions to our customers."
"Our position as a first-mover sets us apart, establishing us as the preferred partner for customers, businesses, and governments alike. We deeply understand our customers' evolving needs, which drives us to consistently deliver innovative solutions that cater to the demands of today's digital era. Leveraging our powerful 5G network, we provide the fastest and most advanced solutions for businesses across the region. Furthermore, By ensuring high-quality, high-speed connectivity across the country — in both urban and rural areas," he added.
Al Babtain said Ooredoo is making significant strides in its 5.5G network trials in Kuwait, a pivotal investment that will empower businesses to harness transformative technologies like IoT and cloud solutions.
"This infrastructure development not only positions Ooredoo for future growth but also lays the groundwork for Kuwait's technological advancement. By aligning with Kuwait’s Vision 2035, we are contributing to the country's transformation into a regional and international commercial hub, driving innovation and economic diversification," he stated.
"Our commitment to cutting-edge infrastructure and intellectual capital is evident in our role as an enabler of the 51 digital entertainment platform and in our sustainability initiatives. Looking ahead, we remain focused on building the world’s best networks across all markets we operate in," said the top official.
"In the first nine months of 2024, Ooredoo Kuwait remained committed to its mission of delivering unparalleled connectivity, exceptional customer experiences, and long-term value for stakeholders. During this period, we achieved strong financial results, with revenues totalling KD196 million.
"As we look toward the future, it is crucial to emphasize the significant developments unfolding in our region, particularly in large-scale government projects. Ooredoo plays a vital role in these transformative efforts, contributing to the advancement of the infrastructure and technology that underpin such initiatives. We are prepared to support the digital foundations necessary to sustain these major developments, offering expertise and robust network capabilities that align with Kuwait's aspirations for a diversified economy," said Al Babtain.
"Our digital transformation continues to drive our success, strengthening our resilience and allowing us to capitalize on market opportunities. Our agility in navigating an ever-changing landscape ensures sustained growth and attractive returns," he added.-TradeArabia News Service
