(MENAFN- BPG Group) NMTC started the year on a strong note with solid commercial momentum which drove an acceleration in consolidated revenue growth of 9%.
Our commitment to excellence is evident by the 3% growth in our customer base to end Q1 2024 with 25.4 million customers. This highlights our ongoing dedication to deliver top-tier services.
The consolidated revenue growth of 9% to KWD 170 million is supported by the good operational performance in Kuwait, Maldives, Tunisia and Algeria.
EBITDA increased by 7% reaching KWD 59 million compared to KWD 55 million in Q1 2023 with NMTC delivering a healthy EBITDA margin of 35% for Q1 2024.
Net profit attributable to NMTC reached KWD 12 million compared to KWD 53 million in Q1 2023. Earnings per share reached 24 fils in Q1 2024, from 106 fils in Q1 2023. It is important to note that net profit and earnings per share for Q1 2023 were bolstered by a favorable court ruling for Ooredoo Kuwait, leading to the recovery of excess regulatory tariffs paid.
Our commitment remains steadfast in enhancing operational efficiency to drive company-wide growth and deliver exceptional services that maximize stakeholder value."
Reflecting on Ooredoo Kuwait's remarkable achievements in the first quarter of 2024, CEO Abdulaziz Yaqoub Al-Babtain emphasized the pivotal role of collaboration and innovation that led the company to these accomplishments. He announced that the year started on a positive note for the company.
"In the beginning of the year, we received significant accolades," he began. "The Ooredoo App was recognized for 'Innovative Achievement in Growth,' 'Innovation in Business Info App,' and we secured the 'Innovation in Business Information on Application Websites' Awards respectively. Additionally, we proudly received the Awards for 'Mobile Operator of the Year' and 'Telecom Company of the Year' in Kuwait."
Al-Babtain continued, "At Ooredoo, we understand that it's not just what we do, but how we do it that truly matters. Our success is not solely measured by financial metrics, but by the meaningful impact we create in the lives of our customers, communities, and stakeholders."
He elaborated, "In Q1, our customer satisfaction ratings soared to new heights, reflecting the positive impact of our caring approach. We have strengthened the bonds of trust with our customers, laying a solid foundation for long-term relationships built on mutual respect and understanding."
Highlighting Ooredoo's technological prowess, Al-Babtain pointed to the successful testing of 5.5G technology. "We will continue to invest heavily in network expansions, upgrades, and technologies that drive data and B2B-related revenues. Notably, Ooredoo Kuwait became the first operator in the country to successfully test the 5G mmWave Technology at the beginning of the year, firmly placing Ooredoo as the region’s leading provider of this exclusive high-speed and reliable service.”
He added: “These trials, focused on Fixed Wireless Access and diverse use cases, showcased the myriad benefits of this cutting-edge technology. This upgrade positions Ooredoo Kuwait as a frontrunner among advanced telecom companies, all achieved through the dedicated efforts of our team.”
Expanding on Ooredoo Kuwait's digital transformation journey, Abdulaziz Al-Babtain emphasized the company’s seamless integration with government and service-oriented digital platforms. Additionally, he highlighted Ooredoo's efforts in developing tailored solutions and services for various customer segments, including entertainment, education, SMEs, and more. Positioned as the companion brand for lifestyle, Ooredoo strives to cater to its diverse segments and satisfy their unique needs with a range of offers and services that align with their expectations and lifestyles.
Looking ahead, he expressed confidence that Ooredoo's core values of caring, connecting, and challenging will continue to steer the company toward success, fostering a future where everyone is empowered to connect, communicate, and thrive. At the conclusion of his words, Al Babtain extended gratitude for the team's efforts and expressed anticipation for further upgrades in the customer experience.
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