Page 53 - SAMENA Trends - Jan-Mar 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Ooredoo Kuwait Group reported EBITDA growth of

10% to reach KWD 249 million in 2023

National Mobile Telecommunications Company K.S.C.P “Ooredoo”
(Ticker: OOREDOO) announced its financial results for the year
ended 31 December 2023:
Financial Highlights:
• Consolidated revenue increased by 5% to KWD 653 million in
2023, compared to KWD 620 million in 2022. Revenues benefited
from efficient operations in Kuwait, Maldives, Tunisia and Algeria.
• Consolidated customer base increased by 3% to 25.3 million in
2023 compared to 24.7 million in 2022.
• EBITDA increased by 10% in 2023 to reach KWD 249 million
compared to KWD 226 million in 2022.
• Net profit attributable to NMTC increased to KWD 73 million in
2023 from KWD 39 million in 2022. The growth in Net Profit was
mainly from Ooredoo Kuwait, after winning a final court ruling
related to recovery of excess regulatory tariff paid amounted
to KWD 43.8 million in a case against Kuwait’s Ministry of
Communication “MOC” and Communications and Information
Technology Regulatory Authority “CITRA”.
• The consolidated earnings per share were 145 fils for 2023,
compared to 79 fils earned in 2022. The Board of Directors
recommends a dividend payment of 140 fils per share, subject
to shareholders’ approval at the General Assembly scheduled for
March 2024.
Sheikh Mohammad Bin Abdullah Al Thani, Chairman of the Board
of Directors commented: “I’m pleased to announce another
successful year for NMTC as the Company reported solid growth
in year 2023. Our operations in Kuwait, Algeria and Maldives
maintained their growth trajectory and were the main drivers of
our improved financial performance resulted from our efficient
operations. In 2023, we grew our customer base by 3% to 25
million. Revenues grew 5% YoY to KWD 653 million compared to
KWD 620 million in 2022, which represent a healthy acceleration
of growth compared to previous years. EBITDA increased by 10%
to KWD 249 million compared to KWD 226 million in 2022 with
EBITDA margin of 38% in 2023. Net profit attributable to NMTC
increased by 85% to reach KWD 73 million in 2023 compared to
KWD 39 million in 2022. This improvement was supported by a digital adaptation, and innovative infrastructure technologies. Our
final favourable court ruling for Ooredoo Kuwait, resulting in the unwavering commitment to excellence has driven us to surpass
recovery of excess regulatory tariffs paid. Our efforts to enhance customer expectations, delivering the best the industry has to
operational efficiency have yielded positive results, fuelling growth offer." The CEO underscored Ooredoo's commitment to customer
throughout the company as evidenced by our proposed dividend satisfaction and technology, leading to accolades such as the Best
payment, in which the Board of Directors is recommending a Loyalty and Rewards Program in the Middle East, the 'Outstanding
dividend of 140 fils per share for 2023, representing an increase of 5G Industry Partnership' award, and recognition in Forbes Middle
100% YoY. Looking ahead, we will continue to enhance operational East's Sustainable 100 List. Looking forward, Al-Babtain reiterated
efficiency to support company-wide growth while providing Ooredoo Kuwait's dedication to empowering Kuwait's future
excellent customer service to maximize stakeholder value.” From through innovative, customer-centric, and socially responsible
his side, Abdulaziz Yaqoub Al-Babtain, CEO of Ooredoo Kuwait, initiatives. He expressed gratitude for the team's efforts, stating,
shared insights into the company's remarkable achievements in "Our substantial investments in advancing the 5G network
2023, emphasizing the critical role of collaboration and innovation. underline our dedication to excellence, recently earning us the
He noted, "These outstanding results are a testament to the power 'Outstanding 5G Industry Partnership' award. These achievements
of collaboration and innovation, made possible by the dedicated have also garnered Ooredoo Group prestigious recognition at the
efforts of our team. Our journey wouldn't have been feasible without 2023 International Business Awards, showcasing our commitment
significant upgrades in our services, customer care, continuous to global innovation and excellence." Expressing appreciation for

53 JANUARY-MARCH 2024