Ooredoo Kuwait reported 18% increase in EBIDTA to KWD 61.1mln

Ooredoo Kuwait reported 18% increase in EBIDTA to KWD 61.1mln

Earning per share reached 38 fils

Dividend of 35 fils per share recommended

Kuwait City, Kuwait: National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced today its financial results for year 2021:

Financial Highlights:

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

“NMTC reported a solid set of results for the year ended 31 December 2021, as market activity improved due to the easing and lifting of COVID-19 restrictions in some of our core markets. Furthermore, we saw an increase in customer confidence in the business due to our ongoing commitment to provide innovative products, which further supported our strong performance for the year.

Consolidated revenue for NMTC increased slightly to KWD 602 million for 2021, compared to KWD 593 million in 2020, with an EBITDA margin of 34%. In Kuwait, the focus remained on cost optimisation and digital transformation, resulting in an increase in EBITDA of 18% and an improved EBITDA margin of 29%. In Tunisia, revenue increased by 5%. In Algeria, the business reported strong numbers as revenues were up by 8% in local currency terms. Palestine reported a 9% increase in revenue to KWD 33.8 million, with an increase in EBITDA of 17%, primarily driven by operational efficiencies.