Ooredoo Kuwait posts KD 350.8 mln revenue in H1, 2016
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KUWAIT CITY, July 25: National Mobile Telecommunications Company K.S.C.P – Ticker: NMTC (Ooredoo), a member of Ooredoo Group, announced today its financial results for the first half of 2016. Sheikh Saud Bin Nasser Al Thani, Chairman of Ooredoo Kuwait -(NMTC) commented: “Ooredoo NMTC generated good levels of profitability during the first half of the year, with net profit increasing by 30% to KD 19 million during the period.
We have also grown our customer base by over 2% to reach almost 25 million despite some the pressures the business faced during the period. Ooredoo NMTC has performed well during the period despite the challenges our businesses face.
Ooredoo’s high quality data networks, innovative services and pricing has meant that we have continued to perform well, delivering value to our customers and shareholders. Ooredoo Kuwait delivered growth across the business in a market which remains highly competitive. Growth was driven by postpaid wireless and wireless broadband customers, which resulted in revenue increasing by nearly 10% and an a near 4% improvement in EBITDA.
Ooredoo Algeria produced an improved set of results despite the reported numbers being affected by the depreciation of the Algerian Dinar against the US Dollar. Increased revenue were up by 2%, against the overall downward trend of the market in a tough macroeconomic environment. Ooredoo’s aggressive marketing of its data services based on its superior network quality saw the business capture a growing share of the 3G data market.
Post period, Ooredoo Algeria finalized the pre-launch phase for 4G services with new Algerian network speed records during trials in July 2016. Ooredoo Tunisia operates in a challenging economic and political situation. However, the business improved quarter on quarter despite the impact of currency depreciation on reported financials. oredoo Tunisia maintained its market leading position with 7.6 million customers despite the introduction of mobile portability in April. Both Ooredoo Maldives and Wataniya Palestine performed well. Ooredoo Maldives had a strong six months, with revenues increasing by almost 40% and EBITDA by more than 60%. Wataniya Palestine increased customers by more than 10% and EBITDA was up significantly.”
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