Ooredoo Kuwait records a strong performance of KD 112 million EBITDA for the first half of 2022

Kuwait City, Kuwait: National Mobile Telecommunications Company KSCP “Ooredoo” (Ticker: OOREDOO) today announced its financial results for the six months ended June 30, 2022:

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

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

“NMTC recorded further growth in the first half of the year, driven by record revenues in Palestine and healthy market growth in Tunisia and Algeria. Additionally, the easing of COVID restrictions in Kuwait positively impacted the Company’s revenue for the period.

Consolidated revenue was KWD 306 million for the first half of 2022, an increase of 4% compared to the same period last year, supported by a healthy EBITDA margin of 37%.

In Kuwait, the company focused more on improving operational efficiency, which resulted in a 14% increase in revenue to KWD 117 million and an 18% increase in EBITDA.

Tunisia recorded revenue growth of 2% in local currency.

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

Revenue in Palestine increased by 6% to KWD 18 million, and the company recorded a strong increase in EBITDA of 12%, driven by operational efficiencies across the business.

Finally, Ooredoo Maldives recorded a 10% increase in revenue and the company now serves a total of 375,000 customers.

The first half of 2022 is off to a strong start as we continue to streamline efficiency across the business, while remaining focused on the digital transformation of our core markets. We look forward to continued growth and remain optimistic for the rest of the year. »

Abdulaziz Yaqoub Al-Babtain, General Manager of Ooredoo Kuwait, said:

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

Al-Babtain added, “With the diversity of customer segments, we have diversified our campaigns and marketing strategies to cater to each segment. This has led to an increase in the number of our customers, which reflects their great confidence in us of which we are proud.

The first telecom provider in Kuwait to obtain a “cloud service provider” license from the Communication and IT Regulatory Authority

He underlined: “Our desire to provide innovative digital services has enabled Ooredoo to maintain its position as the leading supplier. the fastest internet network in Kuwait for the second consecutive year, according to the Global Index Speed ​​test conducted by Ookla, the world leader in fixed and mobile Internet speed testing applications and data analysis.

Al-Babtain 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 to Kuwait, was issued to Ooredoo following a thorough review of the company’s technical capabilities, cloud infrastructure robustness, security policies and measures. , data processing and storage procedures as well as technical and security certifications. This achievement, which represents a milestone in the history of Ooredoo’s data center in Kuwait, was followed by the achievement of Tier 3 certification in Kuwait, being the only one of its kind nationwide. The center is also fully equipped to provide an 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 reaffirms 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 to push our business towards digital transformation, Ooredoo Business announced its collaboration with Huawei by launching Ooredoo Cloud Connect in Kuwait, a new generation of managed network services optimized for the cloud powered by the Huawei Cloud Campus. MSP platform that aims to enable companies to keep pace with ongoing innovations. Ooredoo Cloud Connect brings software-defined networking (SDN), programmable networking, and API-based operation to LAN and WAN services. With this offering, customers will be able to maximize performance, agility and flexibility for their businesses. »

Embrace the “digital age”

Al-Babtain concluded, “Embracing the digital age and offering products that meet our customers’ needs has contributed to our growth. These achievements are another step in the company’s plans to further embrace digitalization and solidify its position as a leading local telecommunications service provider. »

Strategic interest in the field of mobile financial services

With the growing development and need for financial services around the world, Ooredoo Kuwait has expressed interest in exploring various opportunities in the field of mobile financial services.

Transaction Review

The operational performance of the Group can be summarized as follows:

Ooredoo – Kuwait

Ooredoo Kuwait recorded a 14% increase in revenue to KWD 117.0 million in the first half of 2022 from KWD 102.7 million in the first half of 2021. EBITDA increased by 18% to 35 .1 million KWD in the first half of 2022, compared to 29.7 million KWD in the first half of 2021, thanks to operational efficiencies across the Enterprise. Ooredoo’s customer base in Kuwait grew to 2.6 million in H1 2022, up 14% from H1 2021.

Ooredoo – Tunisia

The Tunisian dinar depreciated by 7.7% year-on-year, driving revenue down to KWD 62.0 million in the first half of 2022 from KWD 65.7 million in the first half of 2021. In local currency, revenues increased by 2%. EBITDA stood at 27.1 million KWD in H1 2022. Ooredoo’s customer base in Tunisia decreased to 6.9 million customers in H1 2022 from 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. Activity in Algeria was negatively impacted by the devaluation of the Algerian dinar which depreciated by 6.4% over one year. Consequently, revenue decreased to KWD 90.7 million in the first half of 2022 from KD 92.6 million in the first half of 2021. In local currency, revenue increased by 4%. EBITDA stood at KWD 33.2 million in the first half of 2022.

Ooredoo – Palestine

Revenue increased by 6% to 17.5 million KWD in the first half of 2022 from 16.6 million KWD in the first half of 2021. The business recorded strong EBITDA with an increase of 12% to 6, 5 million KWD in the first half of 2022, compared to 5.8 million KWD in the first half of 2021, driven by operational efficiency across the business. The 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 recorded a 10% increase in KWD revenue 18.8 million in the first half of 2022, compared to 17.0 million KWD in the first half of 2021. EBITDA improved by 16% to 10.3 million KWD in the first half of 2022, compared to 8.9 million KWD in the first half of 2021. Ooredoo Maldives now serves a total of 375,000 customers.

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

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For media inquiries:
Ooredoo (NMTC)
Nazem Al-Ghabra, public relations and media
PO Box 613, Safat 13007, Kuwait
Email: nghabra@ooredoo.com.kw

About Ooredoo Kuwait (NMTC)

Launched commercially in December 1999, the company’s share price as of June 30, 2022 was 0.944 KWD, giving a market valuation for Ooredoo (NMTC) of 0.5 billion KWD.