KUWAIT: 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 percent 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 percent increase in EBITDA and 18 percent 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 percent market share, customer base reached 2.3 million customers. Revenues reached a total of KD188.1 million, an increase of up to 11.9 percent compared to 2014”
Ooredoo’s customer base in Kuwait was 2.3 million at the end of 2015, a decrease of 9.8 percent on the same period in 2014. Revenues for 2015 were KD 188.1 million ($619.8 million), an increase of 11.9 percent compared to 2014 of KD 168.0 million ($573.3 million). EBITDA in 2015 was KD 51.3 million ($169.1 million) versus EBITDA of KD 37.0 million ($126.4 million) for 2014, an increase of 38.6 percent. Net profit in 2015 was at KD 17.8 million ($58.8 million), compared to KD 14.9 million ($50.9 million) in 2014.
