KUWAIT CITY, March 24: Ooredoo Kuwait, a member of the international Ooredoo Group, has presented its achievements and financial results for 2015 during its annual general meeting which was held at the company’s headquarters in Kuwait City.
The meeting was led by the company’s Chairman, Sheikh Saud bin Nasser Al Thani, board members and General Manager and CEO, Sheikh Mohammed bin Abdulla Al Thani and witnessed an attendance of 93.24% of the shareholders.
During his speech, Ooredoo Chairman, Sheikh Saud bin Nasser Al Thani, said: “2015 financial results and major achievements demonstrates Ooredoo’s leading position and its efforts to offer its customers the latest in the world of telecoms. In Kuwait, Ooredoo was the first telecom operator to launch 4G+ during 2015, and we now have the largest retail network in the country. We delivered 39% increase in EBITDA and 18% increase in Net Profit. Our objective for the coming period is to launch the 5G technology and offer voice services over LTE VoLTE technology. We are also confident that the coming years will witness a qualitative leap, and we will continue to meet the needs of our customers”
Ooredoo Kuwait’s General Manager and CEO, Sheikh Mohammed bin Abdullah Al Thani, said: “Proud of what was achieved in 2015 on so many levels. Telecom is one of the most rapidly growing sectors which witnessed huge changes in the last few years and will still do in the near future given the current competition. Last year we were able to achieve a 30% market share, customer base reached 2.3 million customers. Revenues reached a total of 188.1 million KD, an increase of up to 11.9% compared to 2014”
Review of Operations
The Group’s operational performance can be summarized as follows:
Ooredoo — Kuwait
Ooredoo’s customer base in Kuwait was 2.3 million at the end of 2015, a decrease of 9.8% on the same period in 2014. Revenues for 2015 were KWD 188.1 million ($619.8 million), an increase of 11.9% compared to 2014 of KWD 168.0 million ($573.3 million). EBITDA in 2015 was KWD 51.3 million ($169.1 million) versus EBITDA of KWD 37.0 million (USD 126.4 million) for 2014, an increase of 38.6%. Net Profit in 2015 was at KWD 17.8 million ($58.8 million), compared to KWD 14.9 million ($50.9 million) in 2014.
Ooredoo — Tunisia
Ooredoo’s Tunisia customer base at the end 2015 was 7.5 million customers, a decrease of 0.8% on 2014. During 2015, the Tunisian Dinar depreciated by 9% compared to 2014, which has significantly impacted the results shown in KWD. Revenues for 2015 were KWD 149.0 million ($490.9 million), compared to revenues of KWD 178.7 million ($609.8 million) in 2014. EBITDA was KWD 61.6 million ($203.0 million) compared to KWD 83.7 million ($285.7 million) for last year representing a decrease of 26.4%. The Net Profit in 2015 was KWD 12.1 million ($39.9 million), a decrease of 48.2% compared with KWD 23.3 million ($79.6 million) in 2014. The Net Attributable Profit to Ooredoo in 2015 was KWD 9.1 million ($29.9 million), compared to KWD 17.5 million ($59.7 million) in 2014.
Ooredoo — Algeria
Ooredoo’s customer base in Algeria was 13.0 million customers at the end of 2015, an increase of 6.6% on 2014. During the twelve months to 31 December 2015, the Algerian Dinar depreciated by 18% compared to 2014, which has significantly impacted the results shown in KWD. Revenues for 2015 were KWD 332.5 million ($1095.5 million), a decrease of 8.0% compared with revenues of KWD 361.3 million ($ 1,232.8 million) in 2014. EBITDA in 2015 was KWD 121.8 million ($401.3 million), an increase of 5.8% on KWD 115.1 million ($392.9 million) for 2014.Total Net Profit for 2015 was KWD 20.4 million ($67.2 million) compared to a total Net Profit of KWD 17.1 million ($58.2 million) in 2014. The Net Attributable profit to Ooredoo for 2015 was KWD 14.5 million ($47.7 million) compared to a Net Attributable Profit of KWD 12.1 million ($41.3 million) for 2014. Excluding the losses caused by depreciation of DZD, the Attributable Net Profit to Ooredoo would be KWD 22.4 Million ($73.9 million) compared with KWD 19.2 ($65.4 million) in 2014.
Wataniya — Palestine
The total customer base for Wataniya Mobile Palestine at the end of 2015 was 0.7 million, an increase of 13.0% from the previous year. Revenues increased by 3.2% to KWD 25.1 million ($82.5 million), compared with 2014 revenues of KWD 24.3 million ($ 82.8 million). EBITDA for 2015 was KWD 6.5 million ($21.4 million) an increase of 76.9%, compared to an EBITDA of KWD 3.7 million ($12.5 million) in 2014. The total Net Loss for 2015 was KWD 1.5 million ($5.0 million) compared to a total Net Loss of KWD 4.7 million ($16.1 million). The Net Attributable Loss for the Year 2015 stood at KWD 0.7 million ($2.4 million) compared to a Net Attributable Loss of KWD 2.3 million ($7.8 million) in 2014.
Ooredoo — Maldives
Maldives total customer base at the end of 2015 was 0.3 million, an increase of 17.1% from the previous year. Revenues for 2015 were KWD 23.8 million ($78.4 million), an increase of 47.4%, compared to KWD 16.2 million ($ 55.1 million) for 2014. EBITDA increased by 104.9% in 2015 to KWD 11.0 million ($36.1 million), compared to an EBITDA of KWD 5.3 million ($18.2 million) in 2014. Net Attributable Profit for 2015 was KWD 5.1 million ($16.7 million) compared to the Net Attributable Profit of KWD 1.3 million ($4.4 million) in 2014.