Oore­doo re­ports 21% in­crease in net profit for H1 2017

Cus­tomer base up by 4% to reach 26 mil­lion cus­tomers

Kuwait Times - - BUSINESS -

KUWAIT: Na­tional Mo­bile Telecom­mu­ni­ca­tions Com­pany K.S.C.P “Oore­doo” (Ticker: OORE­DOO) an­nounced yes­ter­day its fi­nan­cial re­sults for the first half ended 30 June 2017:

Sheikh Saud Bin Nasser Al-Thani, Chair­man of the Board of Di­rec­tors com­mented: “Oore­doo has made good progress in the first half of the year, with in­creases in its cus­tomer base, EBITDA and net profit. He added that in a highly com­pet­i­tive mar­ket, rev­enue was down 2 per­cent to KD 343.8 mil­lion, com­pared with KD 350.8 mil­lion for the same pe­riod in 2016. How­ever, tes­ta­ment to the com­pany’s strong ef­fi­ciency and cost op­ti­miza­tion pro­gram, Oore­doo de­liv­ered 11 per­cent growth in EBITDA to KD 128.9 mil­lion. Com­pany prof­itabil­ity also went up, with net profit in­creas­ing 21 per­cent to reach KD 23.3 mil­lion com­pared with KD 19.3 mil­lion for the same pe­riod last year. The growth in prof­itabil­ity was sup­ported by good per­for­mances by Oore­doo Al­ge­ria and Oore­doo Mal­dives, where we con­tinue to ben­e­fit from last year’s 4G launch and fur­ther ex­pan­sion of our 3G net­work. We re­main com­mit­ted to de­liv­er­ing a state-ofthe-art net­work ex­pe­ri­ence, an in­no­va­tive product portfolio, and a dif­fer­en­ti­ated cus­tomer ex­pe­ri­ence. Our cus­tomers are at the heart of our busi­ness and I am pleased to re­port we have in­creased our cus­tomer base by 4 per­cent to 26 mil­lion cus­tomers.

Re­view of Op­er­a­tions

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

Oore­doo - Kuwait

Oore­doo’s cus­tomer base in Kuwait stood at 2.3 mil­lion at the end of 1H 2017, rep­re­sent­ing an 8 per­cent de­crease com­pared to the same pe­riod in 2016 due to in­tense com­pe­ti­tion and the over­all mar­ket con­di­tion. Rev­enues for 1H 2017 were KD 105.2 mil­lion, an in­crease of 5 per­cent com­pared to KD 100.2 mil­lion in 2016. EBITDA was KD 27.0 mil­lion, up from KD 21.3 mil­lion in 1H 2016.

Oore­doo - Tu­nisia

Oore­doo’s Tu­nisia cus­tomer base reached 8 mil­lion at the end of 1H 2017, an in­crease of 6 per­cent com­pared to the same pe­riod in 2016. Rev­enues for 1H 2017 stood at KD 62.2 mil­lion, com­pared to KD 69.5 mil­lion in 1H 2016. EBITDA was KD 23.3 mil­lion com­pared to KD 25.5 mil­lion for the same pe­riod in 2016. In lo­cal cur­rency terms, rev­enue in­creased by 2 per­cent and EBITDA by 4 per­cent.

Oore­doo - Al­ge­ria

Oore­doo’s cus­tomer base in Al­ge­ria in­creased to 14.0 mil­lion cus­tomers in 1H 2017, up by 5 per­cent com­pared with the same pe­riod in 2016. Rev­enues for 1H 2017 were KD 145.5 mil­lion com­pared to rev­enues of KD 152.9 mil­lion for the same pe­riod in 2016, neg­a­tively im­pacted by the in­crease in VAT and a weak eco­nomic en­vi­ron­ment. EBITDA for 1H 2017 in­creased to KD 65.1 mil­lion, rep­re­sent­ing a 13 per­cent growth com­pared to KD 57.4 mil­lion in 1H 2016.

Wataniya - Pales­tine

The to­tal cus­tomer base for Wataniya Mo­bile Pales­tine at the end of 1H 2017 was eight hun­dred thou­sand, an in­crease of 8 per­cent from the same pe­riod in 2016. Rev­enues for 1H 2017 stood at KD 12.6 mil­lion com­pared to rev­enues of KD 12.5 mil­lion for the same pe­riod in 2016. EBITDA for 1H 2017 was KD 3.3 mil­lion com­pared to an EBITDA of KD 3.9 mil­lion for the same pe­riod in 2016.

Oore­doo - Mal­dives

At the end of 1H 2017 Mal­dives to­tal cus­tomer base was four hun­dred thou­sand, an in­crease of 8 per­cent from the same pe­riod in 2016. Rev­enues for 1H 2017 were KD 18.2 mil­lion, an in­crease of 16 per­cent com­pared to KD 15.7 mil­lion for the same pe­riod in 2016. EBITDA for 1H 2017 was KD 10.4 mil­lion, an in­crease of 20 per­cent com­pared to an EBITDA of KWD 8.7 mil­lion for the same pe­riod in 2016.

—AP

TOKYO: Peo­ple take a foot bath at a park in Tokyo’s Rop­pongi dis­trict yes­ter­day.

Sheikh Saud Bin Nasser Al-Thani

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