Ooredoo Kuwait Group Held its Annual and Extraordinary General Assembly

(MENAFN- Ooredoo Kuwait) Kuwait- Kuwait City: Ooredoo Kuwait Group –National Mobile Telecommunications Company K.S.C.P “Ooredoo” – held its Annual and Extraordinary General Assembly Meeting yesterday Tuesday March 16th 2022 at Ooredoo Tower. The meeting was attended with a presence of 93.102% of the shareholders and (35 fils per share) cash dividend was declared to the shareholders already registered in the company's record date of March 31, 2021.

During the meeting, the agenda was reviewed; the financial statements and reports were stated, discussed and approved while all other articles on the agenda were also discussed. The Group’s Annual Financial Report included the most prominent achievements of the group during the year 2021 was also reviewed.

Optimism

In a statement delivered on the occasion of the Annual and Extraordinary General Assembly Meeting, Dr. Yousuf Mubark Al-Sellili, Board Member stated the fact that “2021 was indeed a challenging year where economies and businesses have been deeply affected by the pandemic, however, where there are challenges, there are opportunities. I pride Ooredoo Kuwait on its flexibility, robust performance, effective strategies and operations, and success in 2021 which reflects our efficient management style. We proved our ability to not only change, but rather transform; to promise and prove; through listening to people inside and outside the company; employees, customers, managers, partners and the community.”





He added “I remain highly optimistic, that we will overcome this situation in 2022 and for the years to come; where the world will have to adjust to the new normal”.

Revenues Growth

Speaking of the financial growth, Al-Sellili said: “Our financial performance reported a solid set of results for the year ended 31 December 2021, as market activity improved due to the easing and lifting of COVID-19 restrictions in some of our core markets. Furthermore, we saw an increase in customer confidence in the business due to our ongoing commitment to provide innovative products, which further supported our strong performance for the year.

Consolidated revenue for NMTC increased slightly to KWD 602 million for 2021, with an EBITDA margin of 34%. In Kuwait, the focus remained on cost optimisation and digital transformation, resulting in an increase in EBITDA of 18% and an improved EBITDA margin of 29%. In Tunisia, revenue increased by 5%. In Algeria, the business reported strong numbers as revenues were up by 8% in local currency terms. Palestine reported a 9% increase in revenue to KWD 33.8 million, with an increase in EBITDA of 17%, primarily driven by operational efficiencies. With the uptick in tourism, Maldives reported a 2% increase in revenues. Furthermore, the business now serves over 368 thousand customers.

We remain optimistic about 2022, as we continue to focus on enhancing our product portfolio, driving cost optimisation initiatives, and further broadening our customer base across all markets in which we operate.”


Digital Solutions ahead

Al-Sellili concluded by saying: “In continuation of its ongoing efforts to accelerate the digital transformation, and in line with its business strategy to constantly provide the latest digital services to its customers and the public, Ooredoo has successfully delivered and maintained its leadership position by the end of 2021.”

Al-Sellili added: “As we look ahead over the next year, and we promise we will invest in more efforts towards building smarter, safer, and stronger solutions as well as offering exclusive offers and plans for all our customers. NMTC group will unite efforts to dominate the telecom industry in the coming year and in the post-pandemic era.”

The Annual and Extraordinary General Assembly Meeting was attended by the board member, Dr. Yousuf Al-Sellili, in addition to Ooredoo Kuwait Chief Executive Officer- Abdulaziz Yaqoub Al-Babtain, Chief Finance Officer- Fadi Kawar, Chief Commercial Officer- Tapan Tripathi and a number of other representatives of the executive management. It witnessed the presence of Kuwait Clearing Company and the Ministry of Commerce.

Pandemic’s Positive Impact

Commenting on the financial results of 2021, Ooredoo Kuwait CEO Abdulaziz Yaqoub Al-Babtain said: “Amidst the backdrop due of COVID-19, we at Ooredoo were adamant to continue evolving despite any challenge, ensuring that each day, year, partnership, collaboration, event or crisis becomes the drive that moves us steadily forward towards innovation and growth. That was the vow of the confident family of Ooredoo. We were determined to turn challenges into opportunities. Today, I am proud to say that we successfully delivered and maintained our leadership position by the end of 2021.”



Al-Babtain added: “However, with the gradual ease of travel restrictions, supported by the stabilization of oil prices, Kuwait’s population has witnessed a slight uptick. With this, the company reported 18% increase in EBIDTA to KWD 61.1 million in 2021 supporting an improved EBITDA margin of 29%. Revenue also increased to KWD 210.5 million in 2021.”


Digital Evolution

Speaking about the digital growth journey of Ooredoo, Al-Sellili said: “Amid these COVID-19 pandemic circumstances, Ooredoo’s companies sought to offer digital services that serve its clients and have developed their digital sales strategy to ensure clients have access to these services. The best in market solutions and future plans were also devised to deal with any emergency. The fast spread of COVID-19 imposed restrictions on movement in the countries we operate in negatively affecting most commercial and economic activities. This contributed to a faster transformation from the traditional business model to a digitalized business which meant using more data and a dependence on digital services and solutions that customers, whether individuals or institutions, benefited from.”


From his side, Chief Executive Officer, Ooredoo Kuwait, Al-Babtain said: “Today, millions of people depend on the online connection to study and work from home, attend virtual meetings, and shop online. Thus, Ooredoo Kuwait constantly improves its products, services, and offerings to serve the community. Ooredoo Kuwait’s digital user base witnessed a significant growth supported by an increase in sales through “MyOoredoo App”.


Awards

Al-Babtain expressed his gratitude as Ooredoo Kuwait was honored over the year of 2021 by several entities and won many prestigious awards in recognition of its excellence and innovation in maintaining its leading position as a main contributor to the local community and serving the public interest, along with provide its customers with high quality telecommunication services.

Ooredoo has proudly announced that it has won 3 categories at the 2021 Middle East & North Africa Stevie Awards®. It has won in the following categories; “Innovation in Business Information Apps”, “Innovation in Customer Service Management, Planning & Practice”, and “Achievement in Growth”.

The Gold Stevie Award® for “Innovation in Business Information Apps” category was awarded in recognition of the company’s MyOoredoo application. While the Silver Stevie Award® for “Achievement in Growth” category was in specific a recognition of Ooredoo Kuwait’s milestones in business, technology and digital services in the telecommunications sector. Lastly, Ooredoo received the bronze Stevie Award® for “Innovation in Customer Service Management, Planning & Practice - Telecommunications Industries” category.
More and above, Ooredoo was named the “Kuwait’s Fastest Mobile Network” for 2021*; awarded by the Ookla®, the company behind Speedtest®, and the global leader in fixed broadband and mobile network testing applications, data and analysis.


Ooredoo also won three prestigious awards at Advertising Creativity Award 2021 – the ninth edition held by the organizing committee of the Arab Media Forum, in the “Best National TVC”, “Public Relations Stars” and “Brand Excellence” categories.

During the MENA (Middle East and North Africa) Effie Awards 2021, Ooredoo won the silver award in the “New Product and Service Introduction” category, and the bronze award in the “Omni-Channel Shopper Solution” category, for the successful advertising campaign “Inconsistent Internet Connection, unstable Mood”.

At last, Ooredoo was recognized as the “Best Internet Service Provider” at the annual Service Hero Awards for the year 2020, endorsing the company’s long standing commitment to its customers. Recognized as the benchmark in the telecom industry, Ooredoo Kuwait was recognized for its excellence in offering complete coverage at high speeds, multiple plan options to suit different needs along with offering an excellent customer service.

Exclusive Products for B2B

Al-Babtain said Ooredoo continued achieving excellence and outstanding successes during 2021, through developing strategic partnerships that helped it to better understand the factors of change in consumer behavior. Hence, B2B and enterprises in Kuwait were offered a wide range of exclusive products during 2021.

Ooredoo has entered a reseller agreement with BT, a leading provider of global communications services and solutions. The scope of services includes managed connectivity and voice services, collaboration and contact centre solutions, as well as cloud-based security services and consultancy.

Further, Ooredoo has announced its collaboration with Nokia, a trusted partner for critical networks, in which Nokia will be supplying Ooredoo Kuwait 5G Fixed Wireless Access (FWA) equipment for the operator’s customer premises. An early pioneer of FWA, Ooredoo is now offering the Nokia FastMile 5G Gateway as a premium internet device for residential and business customers. Ooredoo Kuwait is using FWA to extend the reach of its fiber network to premises not easily connected with direct fiber lines. This will support the company to significantly increase its fixed broadband customer base across the country.








Assurance & Sustainability

Al-Babtain concluded his statement with a clear tone of optimism and said: “Ooredoo Telecom, the first to introduce innovative digital services in Kuwait, has been again an extraordinary performer during the tough times the world went through, and achieved greatness.
Today, we mark this year by celebrating everything we have accomplished – from bringing new innovative digital solutions to our customers, to supporting the government and community during the crisis, collaborating with well-established companies, and more. Ooredoo Kuwait will continue the journey of success.”

Financial Highlights:

• Net profit attributable to NMTC increased to KWD 19 million in 2021, representing a strong growth of 468% compared to KWD 3 million in 2020. Net Profit growth was supported by solid operational and financial earnings from Ooredoo Kuwait, Ooredoo Tunisia, Ooredoo Algeria, Ooredoo Palestine and Ooredoo Maldives.
• EBITDA increased by 5% in 2021 to KWD 208 million, compared to KWD 197 million in 2020.
• Consolidated revenue increased to KWD 602 million in 2021, compared to KWD 593 million in 2020. Revenues in KWD were positively impacted by the gradual easing of restrictions in Kuwait, healthy Tunisian market growth, record revenue in Palestine, and strong numbers in Algeria in local currency terms.
• The consolidated earnings per share was 38 fils for 2021, compared to 7 fils per share earned in 2020. The Board of Directors recommends a dividend payment of 35 fils per share, subject to shareholder approval at the General Assembly scheduled for March 2022.



The Group’s operational performance and achievements can be summarised as follows:

• Ooredoo Kuwait

Abdulaziz Yaqoub Al-Babtain, Ooredoo Kuwait’s Chief Executive Officer, said: “The COVID-19 pandemic and a decline in Kuwait’s population continued to put pressure on Ooredoo Kuwait’s performance during 2021. However, with the gradual ease of travel restrictions, supported by the stabilisation of oil prices, Kuwait’s population has witnessed a slight uptick. With this, the company reported 18% increase in EBIDTA to KWD 61.1 million in 2021 supporting an improved EBITDA margin of 29%,. Revenue also increased to KWD 210.5 million in 2021.”


“It goes without saying that Ooredoo has made quantum leaps in the world of telecommunication, technology, cybersecurity and security services, making it a well-reputed company with a leading position in the world of innovative digital services, information technology, Internet and communications.” Al-Babtain added.


Ooredoo Kuwait’s 5G rollout increased further during 2021. Ooredoo Kuwait’s continued commitment to its customers through providing world-class services was recognised by the Stevie International Business Awards where the Company was awarded a Gold Stevie in the ‘Mobile On-Demand Application’ category for the My Ooredoo App, as well as a Bronze Stevie for Ooredoo Kuwait’s volunteer program in the ‘Corporate Social Responsibility Program of the Year’ category.

Al-Babtain concluded: “With the diversity of customer segments, we have diversified our campaigns and marketing strategies to satisfy every segment. This led to an increase in the number of our customers, which mirrors their great trust in us which we take pride of.”

Strategic Partnerships

Among this year's remarkable partnerships are: Ooredoo’s collaboration with the National Bank of Kuwait (NBK), the leading provider of digital banking services in Kuwait and the region, to develop digital services, products and solutions that contribute to enriching customer experience in both institutions. The signing of the MoU came as part of the strategic partnership and well-established relationships between Ooredoo and NBK, and their keenness to provide cutting-edge digital services and solutions that contribute to meeting the needs of all customers to get an exceptional experience from leading institutions in both the financial services and telecommunications sectors.

Ooredoo has also entered a reseller agreement with BT, a leading provider of global communications services and solutions. The scope of services includes managed connectivity and voice services, collaboration and contact centre solutions, as well as cloud-based security services and consultancy.

Digital Transformation & Sustainable Growth

In continuation of its ongoing efforts to accelerate the digital transformation in the country, and in line with its business strategy to constantly provide the latest digital services to its customers and the public, Ooredoo has announced the adaptation and utilization of “Kuwait Mobile ID”. It is a mobile application provided by the Public Authority for Civil Information (PACI) that provides users with a digital civil ID accredited for identification and digital signature for both government and private sector, for secure authentication of identities at any of its branches, sales channels, online at or through the MyOoredoo application.

Ooredoo first operator in Kuwait and the region to rolls out eSim online purchases in Kuwait

Ooredoo is the first telecom operator in the State of Kuwait and region to offer customers the ability to conduct a complete purchasing process of a new eSIM online, and without any physical interaction or signature utilizing “Kuwait Mobile ID”, a mobile application provided by the Public Authority for Civil Information (PACI). PACI provides users with a digital civil ID accredited for identification and digital signature for both government and private sector.

Ooredoo Kuwait announced that it won the title “Speedtest Awards Winner 2021” by Ookla, the company that operates the famous website Speedtest.net, a tool that measures network speed on users’ devices. The award is based on speed test results conducted by hundreds of thousands of actual smartphone users in Kuwait.








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