Kuwait City: National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced today its financial results for the quarter ended 31st March 2024:
  • Consolidated revenue increased by 9% to KWD 170 million in Q1 2024, compared to KWD 155 million in Q1 2023. Revenues benefited from sustained commercial momentum in Kuwait, Maldives, Tunisia and Algeria.
  • Consolidated customer base increased by 3% to 25.4 million in Q1 2024 compared to 24.7 million in Q1 2023.
  • EBITDA increased by 7% in Q1 2024 to reach KWD 59 million compared to KWD 55 million in Q1 2023.
  • Net profit attributable to NMTC decreased to KWD 12 million in Q1 2024 from KWD 53 million in Q1 2023. This decline was primarily attributable to the regulatory tariff court case won against Kuwait’s Ministry of Communication “MOC” and Communications and Information Technology Regulatory Authority “CITRA” resulting in a KWD 43.8 million gain in Q1 2023. Excluding the impact of the above, Net Profit to NMTC would be higher by 29% in Q1 2024 compared to Q1 2023.
  • The consolidated earnings per share were 24 fils for Q1 2024, compared to 106 fils earned in Q1 2023.
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Sheikh Mohammad Bin Abdullah Al Thani, Chairman of the Board of Directors commented:

“NMTC started the year on a strong note with solid commercial momentum which drove an acceleration in consolidated revenue growth of 9%.

Our commitment to excellence is evident by the 3% growth in our customer base to end Q1 2024 with 25.4 million customers. This highlights our ongoing dedication to deliver top-tier services.

The consolidated revenue growth of 9% to KWD 170 million is supported by the good operational performance in Kuwait, Maldives, Tunisia and Algeria.

EBITDA increased by 7% reaching KWD 59 million compared to KWD 55 million in Q1 2023 with NMTC delivering a healthy EBITDA margin of 35% for Q1 2024.

Net profit attributable to NMTC reached KWD 12 million compared to KWD 53 million in Q1 2023. Earnings per share reached 24 fils in Q1 2024, from 106 fils in Q1 2023. It is important to note that net profit and earnings per share for Q1 2023 were bolstered by a favorable court ruling for Ooredoo Kuwait, leading to the recovery of excess regulatory tariffs paid.

Our commitment remains steadfast in enhancing operational efficiency to drive company-wide growth and deliver exceptional services that maximize stakeholder value."

Reflecting on Ooredoo Kuwait's remarkable achievements in the first quarter of 2024, CEO Abdulaziz Yaqoub Al-Babtain emphasized the pivotal role of collaboration and innovation that led the company to these accomplishments. He announced that the year started on a positive note for the company.

"In the beginning of the year, we received significant accolades," he began. "The Ooredoo App was recognized for 'Innovative Achievement in Growth,' 'Innovation in Business Info App,' and we secured the 'Innovation in Business Information on Application Websites' Awards respectively. Additionally, we proudly received the Awards for 'Mobile Operator of the Year' and 'Telecom Company of the Year' in Kuwait."

Al-Babtain continued, "At Ooredoo, we understand that it's not just what we do, but how we do it that truly matters. Our success is not solely measured by financial metrics, but by the meaningful impact we create in the lives of our customers, communities, and stakeholders."

He elaborated, "In Q1, our customer satisfaction ratings soared to new heights, reflecting the positive impact of our caring approach. We have strengthened the bonds of trust with our customers, laying a solid foundation for long-term relationships built on mutual respect and understanding."

Highlighting Ooredoo's technological prowess, Al-Babtain pointed to the successful testing of 5.5G technology. "We will continue to invest heavily in network expansions, upgrades, and technologies that drive data and B2B-related revenues. Notably, Ooredoo Kuwait became the first operator in the country to successfully test the 5G mmWave Technology at the beginning of the year, firmly placing Ooredoo as the region’s leading provider of this exclusive high-speed and reliable service.”

He added: “These trials, focused on Fixed Wireless Access and diverse use cases, showcased the myriad benefits of this cutting-edge technology. This upgrade positions Ooredoo Kuwait as a frontrunner among advanced telecom companies, all achieved through the dedicated efforts of our team.”

Expanding on Ooredoo Kuwait's digital transformation journey, Abdulaziz Al-Babtain emphasized the company’s seamless integration with government and service-oriented digital platforms. Additionally, he highlighted Ooredoo's efforts in developing tailored solutions and services for various customer segments, including entertainment, education, SMEs, and more. Positioned as the companion brand for lifestyle, Ooredoo strives to cater to its diverse segments and satisfy their unique needs with a range of offers and services that align with their expectations and lifestyles.

Looking ahead, he expressed confidence that Ooredoo's core values of caring, connecting, and challenging will continue to steer the company toward success, fostering a future where everyone is empowered to connect, communicate, and thrive. At the conclusion of his words, Al Babtain extended gratitude for the team's efforts and expressed anticipation for further upgrades in the customer experience.

Review of Operations

The Group’s operational performance can be summarised as follows:

Ooredoo – Kuwait

Ooredoo's customer base in Kuwait increased to 2.9 million in Q1 2024, up by 3% compared to Q1 2023. Ooredoo Kuwait reported an 8% increase in Revenue to KWD 64 million in Q1 2024 compared to KWD 60 million in Q1 2023. EBITDA decreased by 24% to KWD 15 million in Q1 2024 compared to KWD 19 million in Q1 2023. This decrease is attributable to a one-off bad debt provision raised in line with standard Company policy. Normalizing for the aforementioned one-off bad debt provision, EBITDA increased by 1%.

Ooredoo - Tunisia

Ooredoo’s customer base in Tunisia grew by 1% to reach 7.2 million customers in Q1 2024. Revenue increased by 5% to KWD 30 million in Q1 2024 compared to KWD 29 million in Q1 2023. EBITDA increased by 45% to reach KWD 12 million in Q1 2024 compared to KWD 8 million in Q1 2023.

Ooredoo – Algeria

Ooredoo Algeria’s customer base increased by 4% compared to Q1 2023 to reach 13.5 million in Q1 2024. Revenue increased by 16% to KWD 56 million in Q1 2024 compared to KWD 48 million in Q1 2023. EBITDA increased by 27% to reach KWD 24 million in Q1 2024 compared to KWD 19 million in Q1 2023.

Ooredoo – Palestine

Customer base in Palestine increased by 3% to 1.5 million customers in Q1 2024. Revenue stood at KWD 8 million in Q1 2024. EBITDA decreased by 9% to KWD 3 million in Q1 2024. The performance of Ooredoo Palestine continued to be adversely affected by the severe damage to the network in Gaza.

Ooredoo - Maldives

The customer base in Maldives increased to 405k in Q1 2024. Ooredoo Maldives reported an 8% increase in Revenue to KWD 11 million in Q1 2024, compared to KWD 10 million in Q1 2023. EBITDA increased by 5% to reach KWD 6 million in Q1 2024.

For more information, please visit www.ooredoo.com.kw

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For Media Inquiries:
Ooredoo (NMTC)
Zainab AlShammari, PR & Media
PO Box 613, Safat 13007, Kuwait
E-mail: ZainabA@ooredoo.com.kw

About Ooredoo Kuwait (NMTC)

Commercially launched in December 1999, the Company’s share price as of 31 March 2024 was KWD 1.047, giving a market valuation for Ooredoo (NMTC) of KWD 0.5 billion.