Kuwait’s National Mobile Telecommunications Company (Ooredoo) has announced a 9% increase in consolidated revenue for the first half of 2024, reaching KD346 million ($1.1 billion), up from KD318 million ($1.03 billion) last year.
The revenue growth was driven by robust operational performance in Kuwait, Maldives, Tunisia, and Algeria. Ooredoo also reported a 4% increase in its consolidated customer base, growing from 24.6 million in H1 2023 to 25.5 million. EBITDA rose by 8% to KD125 million, compared to KD116 million in H1 2023.
Net profit attributable to NMTC decreased to KD25 million from KD64 million in H1 2023. This drop is attributed to a KD43.8 million gain recorded in Q1 2023 from a regulatory tariff court case won against Kuwait’s Ministry of Communication and Communications and Information Technology Regulatory Authority. Excluding this gain, net profit to NMTC would be 23% higher in H1 2024 compared to H1 2023.
Chairman Sheikh Mohammad Bin Abdullah Al Thani expressed satisfaction with NMTC’s strong performance, attributing it to key investments and strategic initiatives. He highlighted the 4% growth in the customer base to 25.5 million and an 8% improvement in EBITDA, reaching KD66 million. Net profit attributable to NMTC increased by 18% to KD13 million in the second quarter compared to the same period in 2023.
Ooredoo Kuwait’s customer base grew by 2% to 2.9 million in H1 2024, compared to H1 2023.
