Ooredoo Kuwait, part of the National Mobile Telecommunications Company, has announced a notable revenue growth of 8%, reaching KD527 million ($1.7 billion) during the first nine months of 2024, up from KD486 million ($1.5 billion) in the same period last year. The company also saw a 5% increase in its consolidated customer base, growing from 25.2 million to 26.4 million.
During the nine-month period ending September 30, 2024, Ooredoo experienced solid commercial momentum, particularly in Kuwait, Tunisia, Algeria, and the Maldives, which significantly contributed to the revenue growth. However, net profit for the company fell to KD42 million from KD81 million in the prior year, largely due to a one-time gain of KD43.8 million in Q1 2023 from a regulatory tariff court case.
Earnings per share also decreased, from 162 fils in the previous year to 84 fils, impacted by the same regulatory case. Despite this, Ooredoo Kuwait’s EBITDA rose by 6%, reaching KD194 million compared to KD184 million for the same period in 2023, indicating continued profitability improvements.
Sheikh Mohammad Bin Abdullah Al Thani, Chairman of Ooredoo’s Board of Directors, expressed satisfaction with the company’s performance, attributing the success to strategic investments in network enhancements which have significantly improved customer experience. “Our focus on innovation and customer-centricity has been key in sustaining growth and expanding our customer base,” he commented.
Abdulaziz Al Babtain, CEO of Ooredoo Kuwait, highlighted the company’s leadership in digital transformation and commitment to anticipating and leading technological advancements. “Our proactive approach in upgrading to a powerful 5G network has set us apart, allowing us to offer superior digital solutions to our customers and partners across the region,” said Al Babtain.
He also noted that Ooredoo is making progress in its 5.5G network trials in Kuwait, positioning the company for future growth and aligning with Kuwait’s Vision 2035 to transform into a significant commercial hub. “Our investments in digital infrastructure and intellectual capital are crucial in supporting large-scale government projects and driving economic diversification,” Al Babtain added.
In summary, Ooredoo Kuwait’s first nine months of 2024 have been marked by strong financial results, a growing customer base, and significant strides in digital innovation, setting the stage for continued success and involvement in regional development projects.
