Ooredoo Announces Strong H1 2024 Results with 9% Revenue Growth

National Mobile Telecommunications Company K.S.C.P “Ooredoo” has announced its financial results for the first half of 2024. The company reported a consolidated revenue increase of 9%, reaching KWD 346 million compared to KWD 318 million in H1 2023. This growth was driven by strong performance in Kuwait, Maldives, Tunisia, and Algeria.

The customer base expanded by 4%, totaling 25.5 million compared to 24.6 million in the previous year. EBITDA also saw an 8% rise, reaching KWD 125 million, up from KWD 116 million in H1 2023.

However, net profit attributable to NMTC fell to KWD 25 million from KWD 64 million in H1 2023. This decrease is primarily due to a KWD 43.8 million gain recorded in Q1 2023 from a regulatory tariff court case against Kuwait’s Ministry of Communication and CITRA. Excluding this one-time gain, net profit would have increased by 23% year-over-year.

The consolidated earnings per share were 50 fils for H1 2024, down from 128 fils in H1 2023, reflecting the impact of the previous year’s regulatory gain.