Ooredoo Kuwait posts KD 12.2m net profit in H1, 2018; EPS 24 fils

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Company’s revenues reach KD 341 mln in first half of 2018

KUWAIT CITY, July 26, (KUNA): National Mobile Telecommunication Company, Ooredoo Kuwait, announced Wednesday net profits of KD 12.2 million ($40.3 million) for the first half of 2018.

Earnings Per Share (EPS) reached 24 fils for the first half of 2018, the company said in a press statement. The company’s net profits have decreased by 48 percent due to Ooredoo Algeria’s low contribution as a result of ineffective economic environment, weak currency, and low competitive prices, it added. The revenues for the first half of 2018 stood at KD 341 million ($1.1 billion), a decrease by one percent, compared to KD 343 million ($1.13 billion) for the same period of 2017, said Ooredoo.

Furthermore, the company’s customer base has reached 26.1 million for the first half of 2018, up by two percent, compared to the same period of 2017, it noted. For his part, Ooredoo’s Chairman Sheikh Saud bin Nasser Al-Thani said demand for the company’s products and services continued at good levels.

He pointed out the recent increase in Ooredoo’s customer base, which surpassed 26 million, despite the current difficult conditions and challenges in the telecom markets. Established in Dec 1999, Ooredoo Kuwait, formerly known as Wataniya Telecom, provides mobile, broadband internet, and corporate managed services tailored to the needs of customers and businesses in the country.

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