Kuwait City, Kuwait: National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced today its financial results for the half year ended 30 June 2022:

  • Consolidated revenue increased by 4% to KWD 306.1 million in H1 2022, compared to KWD 294.7 million in H1 2021. Revenues were positively impacted by the gradual easing of restrictions in Kuwait, record revenue in Palestine and healthy market growth in Tunisia and Algeria.
  • EBITDA increased by 7% in H1 2022 to KWD 112.2 million, compared to KWD 104.9 million in H1 2021.
  • Net profit attributable to NMTC increased to KWD 20.8 million in H1 2022 from KWD 7.0 million in H1 2021. Net Profit growth was driven by solid operational and financial earnings from Ooredoo Kuwait, Ooredoo Tunisia, Ooredoo Algeria, Ooredoo Palestine and Ooredoo Maldives.
  • The consolidated earnings per share was 42 fils per share for H1 2022, compared to 14 fils per share earned in H1 2021.
  • Consolidated customer base increased to 24.1 million in H1 2022 compared by 23.9 million in H1 2021.

Sheikh Mohammad Bin Abdullah Al Thani, Chairman of the Board of Directors commented:

“NMTC reported further growth for the first half of the year, driven by record revenues in Palestine and healthy market growth in Tunisia and Algeria. Furthermore, the easing of COVID restrictions in Kuwait had positive impact on the Company’s revenues for the period.

Consolidated revenues stood at KWD 306 million for H1 2022, a 4% increase compared to the same period last year, supported by a healthy EBITDA margin of 37%.

In Kuwait, the Company further focused on driving operational efficiencies, resulting in 14% increase in revenue to KWD 117 million, and 18% increase in EBITDA.

Tunisia reported 2% revenue growth in local currency terms.

In Algeria, revenue increased 4% in local currency terms, and the Company’s customer base went up by 2%.

Revenues in Palestine increased 6% to KWD 18 million, and the Company reported strong EBITDA increase of 12%, driven by operational efficiencies across the business.

Finally, Ooredoo Maldives reported 10% increase in revenues and the Company now serves a total of 375 thousand customers.

The first half of 2022 is off to a solid start, as we continue to streamline efficiencies across the business, while remaining focused on digital transformation in our core markets. We look forward to our continued growth and remain optimistic about the remainder of the year.”

Abdulaziz Yaqoub Al-Babtain, Ooredoo Kuwait’s Chief Executive Officer commented:

“It goes without saying that Ooredoo has made quantum leaps in the world of telecommunication, technology, cybersecurity and security services, making it a well-reputed company with a leading position in the world of innovative digital services, information technology, internet and communications.” Al-Babtain said.

Al-Babtain added: “With the diversity of customer segments, we diversified our campaigns and marketing strategies to satisfy every segment. This led to an increase in the number of our customers, which mirrors their great trust in us which we take pride of.”

The First Telecom Provider in Kuwait to obtain a “Cloud Service Provider” license from The Communication and IT Regulatory Authority

 He pointed out, "Our keenness to provide innovative digital services made Ooredoo maintain its position as the first in providing the fastest internet network in Kuwait for the second year in a row, according to the Global Index Speed test by Ookla, the world leader in applications and data analyses of fixed and mobile Internet speed tests.

Al-Babtain further added: “We are also proud to be the first Telecom in Kuwait to obtain the Cloud Service Provider license from the Communication and IT Regulatory Authority. The “Cloud Service Provider” license, which is new in Kuwait, was issued to Ooredoo following an extensive review of the company’s technical capabilities, cloud infrastructure robustness, security policies and safeguards, data handling and storage procedures as well as technical and security certifications. This achievement which represents a milestone in the history of Ooredoo Kuwait’s Data Center was followed by obtaining Tier 3 certification in Kuwait, being the only one of its kind nationwide. The center is also fully equipped to provide exceptional experience in services and solutions such as managed hosting services, CPE, cloud services, NOC and SOC in addition to an array of other services. This comes to further reiterate the company’s commitment to being the leader in information technology solutions.”

Ooredoo Business drives digital transformations in Kuwait and launches “Ooredoo Cloud Connect” in collaboration with Huawei

Al-Babtain continued: “As part of our clear strategy in pushing our business towards digital transformation, Ooredoo Business announced its collaboration with Huawei launching Ooredoo Cloud Connect in Kuwait, a new generation of cloud-optimized managed network services powered by the Huawei Cloud Campus MSP platform that aims at enabling businesses to keep up with the pace of ongoing innovations.  Ooredoo Cloud Connect brings software defined networking (SDN), programmable networking and API-based operation to LAN and WAN services. Through this offering, customers will be able to maximize their performance, agility and flexibility for their businesses.”

Embracing “The Digital Age”

Al-Babtain concluded: “Embracing the digital age and delivering products that keep up with the needs of our customers helped in our growth. These achievements are yet another milestone for the company’s plans to further embrace digitalization and solidify its position as a leading local telecom service provider.”

Strategic Interest in the field of Mobile Financial Services

With the ever-growing development and need of financial services worldwide, Ooredoo Kuwait has expressed its interest in perusing various opportunities in the area of Mobile Financial Services.

Review of Operations

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

Ooredoo – Kuwait

Ooredoo Kuwait reported 14% increase in Revenue to KWD 117.0 million in H1 2022 compared to KWD 102.7 million in H1 2021. EBITDA increased 18% to KWD 35.1 million in H1 2022 compared to KWD 29.7 million in H1 2021, driven by operational efficiencies across the business. Ooredoo's customer base in Kuwait increased to 2.6 million in H1 2022, up 14% compared to H1 2021.

Ooredoo - Tunisia

The Tunisian Dinar depreciated by 7.7% year-on-year, leading to a decrease in Revenues to KWD 62.0 million in H1 2022 compared to KWD 65.7 million in H1 2021. In local currency terms, Revenues were up by 2%. EBITDA stood at KWD 27.1 million in H1 2022. Ooredoo’s customer base in Tunisia decreased to 6.9 million customers in H1 2022 compared to 7.2 million customers in H1 2021.

Ooredoo – Algeria

Ooredoo Algeria’s customer base increased by 2% to 12.9 million in H1 2022 compared to 12.6 million in H1 2021. Business in Algeria was negatively impacted by the devaluation of the Algerian Dinar, which depreciated by 6.4% year on year. Consequently, revenue decreased to KWD 90.7 million in H1 2022 compared to KD 92.6 million in H1 2021. In local currency terms, Revenues were up by 4%. EBITDA stood at KWD 33.2 million in H1 2022.

Ooredoo – Palestine

Revenue increased by 6% to KWD 17.5 million in H1 2022, compared to KWD 16.6 million in H1 2021. The business reported a strong EBITDA with an increase of 12% to KWD 6.5 million in H1 2022 compared to KWD 5.8 million in H1 2021, driven by operational efficiencies across the business. Customer base in Palestine increased by 5% to reach 1.4 million customers in H1 2022 compared to 1.3 million in H1 2021.

Ooredoo - Maldives

Ooredoo Maldives reported a 10% increase in Revenues to KWD 18.8 million in H1 2022, compared to KWD 17.0 million in H1 2021. EBITDA improved by 16% to reach KWD 10.3 million in H1 2022 compared to KWD 8.9 million in H1 2021. Ooredoo Maldives now serves a total of 375 thousand customers.

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


For Media Inquiries:
Ooredoo (NMTC)
Nazem Al-Ghabra, PR & Media
PO Box 613, Safat 13007, Kuwait
E-mail: nghabra@ooredoo.com.kw

About Ooredoo Kuwait (NMTC)

Commercially launched in December 1999, the Company’s share price as of 30 June 2022 was KWD 0.944, giving a market valuation for Ooredoo (NMTC) of KWD 0.5 Billion.