Ooredoo presents achievements and financial results for 2017

More than 1200 sites upgraded, customer base up to 32.6%: Al-Thani

KUWAIT: Ooredoo Chairman Sheikh Saud bin Nasser Al-Thani, General Manager and CEO, Sheikh Mohammed bin Abdulla Al-Thani and board members pose for a photograph.

KUWAIT: National Mobile Telecommunications Company K.S.C.P “Ooredoo” presented its achievements and financial results for 2017 during its annual general meeting, which was held at the company’s headquarters in Kuwait City yesterday. The meeting was attended by the company’s Chairman, Sheikh Saud bin Nasser Al-Thani, board members and General Manager and CEO, Sheikh Mohammed bin Abdulla Al-Thani and saw an attendance of 93.346 percent of the shareholders. The Chairman of the Board of Directors declared that the Board agreed to distribute cash dividends to the Company Shareholders valued at 70 percent of the nominal value of share, which is equivalent to 70 fils per share.

Ooredoo Kuwait’s customer base in stood at 2.2 million for 2017, representing a 6 percent decrease compared to the same period in 2016 due to intense competition and the overall market condition. Revenues for 2017 were KD 222.7 million, an increase of 13 percent compared to KD 197.8 million for the same period in 2016. EBITDA was KD 54.3 million, up from KD 51.0 million for the same period in 2016.

In a statement during the General Assembly, Sheikh Saud Bin Nasser Al-Thani, Chairman of the Board of Directors commented: “We have grown our customer base in Tunisia, Algeria, Palestine and the Maldives, boosted revenue in Kuwait, completed the most successful IPO in the history of the Maldives, generating more than KD 8.3 million, in 14 million shares (9.5 percent of fully paid issued shares) which attracted more than 8000 new investors.

We have enhanced 4G services in Kuwait, Algeria, Tunisia and the Maldives, and officially launched operations in Gaza – remarkable achievements made possible by our investment in a state-of-the-art network. Most importantly, we have listened to the voices of our customers, and developed services and solutions that enrich their digital lives.”

We have grown our customer base in Tunisia, Algeria, Palestine and the Maldives, boosted revenue in Kuwait, completed the most successful IPO in the history of the Maldives, sponsored the national football team in Tunisia as they qualified for the FIFA World Cup and continued to enhance our networks and increase access to digital services for all. We have enhanced 4G services in Kuwait, Algeria, Tunisia and the Maldives, and officially launched operations in Gaza – remarkable achievements made possible by our investment in a state-of-the-art network. Most importantly, we have listened to the voices of our customers, and developed services and solutions that enrich their digital lives.”

On his part, Ooredoo Kuwait’s General Manager and CEO Sheikh Mohammed bin Abdullah Al-Thani noted that the company centered its operations in Kuwait around embracing digitalization on a large scale, keeping up with the international technology trends. “Despite the many challenges, we have succeeded in diversifying our portfolio of services for both individual and corporate customers, and we are working towards realizing our goals in creating services with added value to our customers. We acquired spectrum licenses for 2.6 Ghz and 2.1 Ghz data services, which will certainly have an impact on the services provided to our valued customers. We have also completed our network infrastructure upgrade, updating more than 1200 sites across Kuwait, which positively impacts the quality of the services provided. Our subscriber market share increased to 32.6 percent, and we aspire to grow more and serve a larger number of customers across Kuwait, providing them with the best telecom services to complement their lifestyle.”

Ooredoo’s Operations in 2017
Ooredoo’s customer base in Tunisia reached 8.4 million for 2017, an increase of 5 percent compared to the same period in 2016. Revenues stood at KD 127.5 million, compared to KD 142.3 million for the same period in 2016. EBITDA was KD 50.5 million compared to KD 57.0 million for the same period in 2016. Tunisian Dinar depreciated by 11 percent year on year. In local currency terms, revenue increased by 1 percent in 2017.

In Algeria, the customer base increased to 14.3 million customers for 2017, up by 4 percent compared with the same period in 2016. Revenues for 2017 decreased to KD 285.1 million compared to revenues of KD 309.8 million for the same period in 2016, negatively impacted by the increase in VAT and a weak economic environment. Despite revenue decrease, EBITDA increased, due to cost efficiencies, to KD 125.5 million in 2017, representing a 16 percent growth compared to KD 108.5 million for the same period in 2016.

Wataniya Mobile Palestine increased its customer base by 31 percent for 2017, to reach 1.0 million customers. 2017 Revenues stood at KD 26.0 million compared to revenues of KD 25.4 million for the same period in 2016. EBITDA for 2017 was KD 5.7 million compared to an EBITDA of KD 6.6 million for the same period in 2016.

Ooredoo Maldives reported a 15 percent increase in Revenues for 2017 to reach KD 36.3 million, compared to KD 31.6 million for the same period in 2016. EBITDA for 2017 was KD 19.7 million, an increase of 15 percent compared to an EBITDA of KD 17.1 million for the same period in 2016.

Ooredoo Maldives now serves a total of 440k customers, an 11 percent increase compared to the same period in 2016.

This article was published on 07/03/2018