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Ooredoo Kuwait Group reported solid revenue growth of 8% to KWD 527 million for nine-month period ended 30 September 2024

National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced its financial results for the nine-month period ended 30 September 2024:

Financial Highlights:

Quarterly Analysis

Nine Months Analysis

Q3 2024

Q3 2023

% change

2024

2023

% change

Consolidated Revenue (KWD m)

180

168

7%

527

486

8%

EBITDA (KWD m)

69

68

2%

194

184

6%

EBITDA margin (%)

38%

41%

-

37%

38%

-

Net Profit attributable to NMTC (KWD m)

17

17

0%

42

81

-48%

Consolidated Customers (m)

26.4

25.2

5%

26.4

25.2

5%

  • Consolidated revenue increased by 8% to KWD 527 million for the nine months ended 30 September 2024, compared to KWD 486 million for the same period in 2023. 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.
  • EBITDA increased by 6% in the nine months ended 30 September 2024 to reach KWD 194 million compared to KWD 184 million for the same period in 2023.
  • Net profit attributable to NMTC decreased to KWD 42 million for the nine months ended 30 September 2024 from KWD 81 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 “MOC” and Communications and Information Technology Regulatory Authority “CITRA” resulting in a KWD 43.8 million gain booked in Q1 2023. Excluding the impact of the above, Net Profit to NMTC would be higher by 13% in the nine months ended 30 September 2024 compared to the same period in 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.

Sheikh Mohammad Bin Abdullah Al Thani, Chairman of the Board of Directors commented: "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 KWD 527 million. This result was supported by the solid operational performance in Kuwait, Tunisia, Algeria and the Maldives.

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.

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.

I have great confidence in our team’s commitment to advancing our strategy, setting NMTC on a sustainable path to maintain its momentum and deliver profitable growth well into the future.”

Commenting on the results, Abdulaziz Al Babtain, CEO of Ooredoo Kuwait, stated:

"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."

Al Babtain continued, “We are making significant strides in our 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.”

"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.”

"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 196 million KWD.

"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."

"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."

"Looking forward, we will continue to explore strategic opportunities that unlock capital and enhance stakeholder value, reinforcing our position as an industry leader. This quarter’s growth is a testament to the success of our technology investments and infrastructure developments, driven by the dedication and commitment of our employees. Their contribution has been pivotal to our achievements."

"As we move ahead, our focus remains on maintaining operational efficiency and pursuing our strategic goals, ensuring that we meet our FY 2024 targets and continue to strengthen our leadership in the telecommunications sector."

Review of Operations

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

Ooredoo – Kuwait

Ooredoo's customer base in Kuwait stood at 2.9 million customers for the nine months ended 30 September 2024. Ooredoo Kuwait reported a 6% increase in Revenue to KWD 196 million for the nine months ended 30 September 2024 compared to KWD 185 million for the same period in 2023. EBITDA decreased by 15% to KWD 51 million in the nine months ended 30 September 2024 compared to KWD 60 million for the same period in 2023. This decrease is mainly attributable to a one-off bad debt provision of approximately KWD 7.5 million, raised in line with standard Company policy. The business continues to innovative by introducing new solutions to customers including e-SIM cards for worldwide roaming and 5G-enabled home internet to maintain its competitive position in the market and fuel further growth.

Ooredoo - Tunisia

Ooredoo’s customer base in Tunisia stood at 7.0 million customers for the nine months ended 30 September 2024. Revenue increased by 4% to KWD 96 million in the nine months ended 30 September 2024 compared to KWD 92 million for the same period in 2023. EBITDA increased by 13% to KWD 40 million in the nine months ended 30 September 2024 compared to KWD 35 million for the same period in 2023.

Ooredoo – Algeria

Ooredoo Algeria’s customer base increased by 10% to reach 14.5 million customers for the nine months ended 30 September 2024. Revenue increased by 16% to KWD 177 million in the nine months ended 30 September 2024 compared to KWD 152 million for the same period in 2023. EBITDA increased by 24% to reach KWD 76 million for the nine months ended 30 September 2024 compared to KWD 62 million for the same period in 2023.

Ooredoo – Palestine

Customer base in Palestine increased by 8% to 1.5 million customers for the nine months ended 30 September 2024. Revenue decreased by 2% to KWD 25 million in the nine months ended 30 September 2024, compared to KWD 26 million for the same period in 2023. EBITDA decreased by 7% to KWD 10 million in the nine months ended 30 September 2024. The performance of Ooredoo Palestine continued to be adversely affected by the severe damage to the network in Gaza.

Despite the challenging situation, Ooredoo Palestine demonstrated resilience by actively supporting its customers and ensuring their continued connectivity. This includes providing free integrated bundles, in the form of voice and 2G data packages, as a humanitarian aid to keep people connected.

Ooredoo - Maldives

Customer base in Maldives increased by 2% to reach 399 thousand customers in the nine months ended 30 September 2024. Ooredoo Maldives reported a 6% increase in Revenues to KWD 33 million in the nine months ended 30 September 2024, compared to KWD 31 million for the same period in 2023. EBITDA expanded by 3% to reach KWD 17 million in the nine months ended 30 September 2024.

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



Source: Press Release

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