Sheikh Nasser bin Hamad Al Thani: 'I am very confident in our team's ability to sustain growth and drive profitability in line with our strategic approach.'

Abdulaziz Yaqoub Al-Babtain: 'We continue to work on strategic projects aimed at cementing our position as a leading provider of integrated digital solutions.'

Kuwait City, Kuwait: National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced today its financial results for the year ended 31 December 2024:

 Financial Highlights:

• Consolidated revenue increased by 9% to reach KWD 711 million in 2024, compared to KWD 653 million in 2023. Revenue benefited from sustained commercial momentum in Kuwait, Tunisia, Algeria and Maldives.
• Consolidated customer base increased by 5% to reach 26.6 million in 2024 compared to 25.3 million in 2023.
• EBITDA increased by 5% in 2024 to reach KWD 262 million compared to KWD 249 million in 2023.
• Net profit attributable to NMTC decreased to KWD 49 million in 2024 compared to KWD 73 million in 2023. This decline is primarily attributable to the regulatory tariff court case won against Kuwait’s Ministry of Communication “MOC” and Communications and Information Technology Regulatory Authority “CITRA” resulting in a KWD 43.8 million gain booked in Q1 2023. Excluding the impact of the above, Net Profit to NMTC would be higher by 70% in 2024 compared to 2023.
• The consolidated earnings per share were 99 fils in 2024, compared to 145 fils earned in 2023, This decline is primarily attributed to the same impact mentioned above related to the regulatory tariff court case.
• The Board of Directors recommends a dividend payment of 90 fils per share, subject to shareholders’ approval at the General Assembly scheduled for March 2025.

Sheikh Nasser Bin Hamad Al Thani, Chairman of the Board of Directors commented:

“I am pleased to announce that 2024 has been another successful year for NMTC. The Group sustained its strong commercial momentum, focusing on technological innovation, enhancing customer experience, and optimizing operations, all of which attributed to solid growth across key metrics.

The operations in Kuwait, Tunisia, Algeria and Maldives maintained a solid growth trajectory, serving as the primary drivers behind NMTC’s solid financial performance.

Consolidated revenue for the year increased by 9% year-on-year (YoY) to KWD 711 million, while the customer base grew by 5% YoY to close the year with 26.6 million customers on the network. EBITDA rose by 5% YoY to KWD 262 million with a corresponding EBITDA margin of 37%. 

Net Profit attributable to NMTC at the end of 2024 reached KWD 49 million, and the consolidated earnings per share totaled 99 fils. The 2023 Net profit attributable to NMTC and earnings per share were bolstered by a favourable court ruling for Ooredoo Kuwait, leading to the recovery of excess regulatory tariffs paid. Excluding this one-off item, Net Profit to NMTC would have been 70% higher YoY.

NMTC’s improved profitability demonstrates our ability to manage costs effectively, allocate capital to diverse revenue streams, drive sustainable growth, and generate value for our stakeholders.

The Group’s strong performance resulted in the Board of Directors recommending a dividend payment of 90 fils per share as we continue to generate value for our shareholders.

As incoming Chairman of the Board, I remain confident in the team’s capability to execute on our strategic priorities, further enhance profitability, and position NMTC on a sustainable path to deliver long-term, profitable growth.”

Review of Operations

The Group’s operational performance can be summarised as follows:

Ooredoo – Kuwait

Ooredoo's customer base in Kuwait increased by 2% to reach 2.9 million customers in 2024. Ooredoo Kuwait reported a 7% increase in Revenue to KWD 264 million in 2024 compared to KWD 246 million in 2023. EBITDA decreased by 14% to KWD 71 million in 2024 compared to KWD 82 million in 2023. This decrease is mainly attributable to one-off bad debt provisions of approximately KWD 11 million, raised in line with standard Company policy.

Commenting on these outstanding results, Abdulaziz AlBabtain, Chief Executive Officer of Ooredoo Kuwait, stated:

“Our remarkable achievements underscore the strength of our collaborative and innovative culture, propelled by our team's dedication. Through substantial enhancements in services, customer care, digital adaptation, and advanced infrastructure technologies, we've consistently surpassed customer expectations, delivering industry-leading solutions.

Our dedication to customer satisfaction and technological excellence has also earned us several prestigious accolades. We are honored to have received awards such as the Excellence in Digital Services Innovation Award by the SAMENA Council, Telecom Company of the Year 2024, and Mobile Operator of the Year by the Asian Telecom Awards. Additionally, our commitment to innovation has been recognized by Stevie with five awards, and our customer service excellence was acknowledged with the Regional Best in Customer Experience Award by IDC. We also proudly received the titles “Telecom Company of the Year” and “Most Innovative Digital Upgrade” from International Business Magazine Awards—honors that underscore our relentless pursuit of excellence.”

Future Plans

Abdulaziz Al-Babtain stated: 'As we continue our development journey, we are working on strategic projects aimed at establishing Ooredoo Kuwait as a leading provider of integrated digital solutions. Additionally, we will continue to invest in advancing and enabling digital transformation across various sectors, to strengthen Kuwait's position as a regional digital hub in line with the 'New Kuwait' 2035 vision. We are also designing innovative services that meet the needs of our customers and the state, supporting their digital lifestyles, enhancing our ability to deliver added value to shareholders, and solidifying our position as a trusted digital partner.' He added: 'With the remarkable achievements Ooredoo Kuwait has accomplished over the years, we remain committed to operational excellence, fostering innovation, and driving sustainable growth. As we stand on the brink of a new phase of digital transformation, we are determined to achieve our goals and reinforce our leadership in the telecommunications sector. We also reaffirm our ongoing commitment to investing in technology and services that place our customers at the heart of everything we offer, so that together, we can shape the future of connectivity in Kuwait and the region.'

Ooredoo - Tunisia

Ooredoo’s customer base in Tunisia decreased to 7.0 million customers in 2024. Revenue increased by 5% to KWD 130 million in 2024 compared to KWD 124 million in 2023. EBITDA increased by 15% to KWD 54 million in 2024 compared to KWD 47 million in 2023.

Ooredoo – Algeria

Ooredoo Algeria’s customer base increased by 10% to reach 14.7 million customers in 2024. Revenue increased by 15% to KWD 239 million in 2024 compared to KWD 208 million in 2023. EBITDA increased by 21% to KWD 101 million in 2024 compared to KWD 84 million in 2023.

Ooredoo – Palestine

Customer base in Palestine increased by 8% to reach 1.6 million customers in 2024. Revenue stood at KWD 33 million in 2024. EBITDA decreased by 6% to KWD 12 million in 2024, compared to KWD 13 million in 2023. The performance of Ooredoo Palestine continued to be adversely affected by the severe damage to the network in Gaza.

Ooredoo - Maldives

Customer base in Maldives increased by 3% to reach 405 thousand customers in 2024. Ooredoo Maldives reported a 5% increase in Revenue to KWD 44 million in 2024, compared to KWD 42 million in 2023. EBITDA increased by 2% to reach KWD 24 million in 2024.