Ooredoo Kuwait Group net profit soars 209% to reach KD 64 million for H1 2023

Ooredoo Kuwait Group net profit soars 209% to reach KD 64 million for H1 2023

KUWAIT: National Mobile Telecommunications Company K.S.C.P “Ooredoo” (Ticker: OOREDOO) announced on Wednesday its financial results for the half year ended 30 June 2023: * Consolidated revenue increased by 4 percent to KD 318 million in H1 2023, compared to KD 306 million in H1 2022. Revenues benefited from efficient operations in Kuwait and a year-on-year improvement in Maldives and Algeria.

* Consolidated customer base increased by 2 percent to 24.6 million in H1 2023 compared to24.1 million in H1 2022.  * EBITDA increased by 3 percent in H1 2023 to reach KD 116 compared to KD 112 million in H1 2022. * Net profit attributable to NMTC increased to KD 64 million in H1 2023 from KD 21 million in H1 2022. Net profit growth came mainly from Ooredoo Kuwait after winning a final court ruling related to recovery of excess regulatory tariff paid amounted to KD 43.8 million in a case against Kuwait’s Ministry of Communication “MOC” and Communications and Information Technology Regulatory Authority “CITRA”.

* The consolidated Earnings per share was128fils for H1 2023, compared to 42 fils earned in H1 2022 Sheikh Mohammad Bin Abdullah Al-Thani, Chairman of the board of directors commented: “I am pleased to report that