KUWAIT CITY: National Mobile Telecom-munications Company K.S.C.P – Ticker: NMTC (Ooredoo) announced its financial results for the first quarter of 2015:
Financial Highlights:
* Total customer base increased to 23.5 million at the close of Q1 2015, versus 20.4 million for the same period in 2014, amounting to growth of 14.8%.
* Revenues for Q1 of 2015stood atKWD174.3 million ($579.1 million), compared with KWD182.7 million ($648.8 million) for the same period in 2014, a decrease of4.6%.However,in local currency, Ooredoo Kuwait, Ooredoo Algeria and Ooredoo Maldives have posted Revenue growth.
* EBITDA for Q1 2015 was KWD57.4 million ($190.8 million), compared to EBITDA of KWD66.8 million ($237.2 million) for the same period in 2014.
* The consolidated Net Profit for the quarter was impacted by adverse currency movements in Tunisia (-13% YoY) and Algeria (-12% YoY) and foreign exchange losses of KWD12.9million ($42.9 million).The consolidated Net Profit for Q1 2015 was at KWD1.0 million ($3.2 million), compared to Net Profit for the same period in 2014 of KWD24.3 million ($86.5 million).
* The Net Profit attributable to Ooredoo NMTC in Q1 2015 was KWD 2.2 million ($7.4 million) compared with a Net attributable profit of KWD 19.8 million ($70.4 million) for the same period of 2014.
* The consolidated Earnings per Share was 4.5 fils ($0.01 cents), compared to 40.0 fils ($14 cents) per share earned for the same period last year.
Sheikh Saud Bin Nasser Al Thani, Chairman of Ooredoo Kuwait (NMTC) commented: “NMTC’s financial results for the first quarter of 2015 demonstrate the progression of our strategy to grow market share across our markets. In Kuwait another Ooredoo first was the launch of 4G+ and LTE-A, ensuring Ooredoo customers benefited from higher speed, making access to data services ever faster and easier. We have successfully increased our customer base in Kuwait by over 11% to nearly 2.5 million subscribers, helping to drive revenues higher by 6% to KWD 44.3 million compared to the first quarter of 2014.
EBITDA increased slightly to KWD 9.8 million for the quarter, as the business managed its costs effectively whilst continuing to invest in delivering the best communications service in Kuwait. In Algeria, we have continued to drive our 3G leadership position and increased data revenue. Market leadership was maintained in Tunisia despite a challenging market environment.Net profit to the shareholders was impacted by unrealized foreign exchange losses in Algeria and unfavourable conversion rates for Algerian and Tunisian currencies. Our investment into the long-term growth potential of our markets positions Ooredoo to deliver future value for our customers and investors.”
Ooredoo’s customer base in Kuwait was 2.5 million at the end of Q1 2015, an increase of 11.1% on the same period in 2014. Revenues for Q1 2015 were KWD44.3 million ($147.2 million), an increase6.0% compared to 2014 of KWD41.8 million ($148.4 million). EBITDA was KWD9.8 million ($32.6 million) versus EBITDA for Q1 2014 of KWD9.6 million ($34.2 million), an increase by 1.2%. Net Profit was at KWD2.9 million ($9.9 million), compared to KWD2.9 million($10.1 million)for the same period in 2014.
