Ooredoo revenue down 3% Y-o-Y; Maldives biz to go public in 2017

Thani, chairman of the Board of Directors, Ooredoo  Ooredoo, an international telecom company based in Doha, Qatar, has reported KWD 533 million in revenues for the nine months ended 30 September 2016, a decrease of 3 percent from the same period in 2015.

Total customer base increased by 4 percent to 24.9 million at the close of nine months of 2016, versus 23.9 million for the same period in 2015.

Net profit increased by 15 percent to reach KWD 32 million compared with that of KWD 28.1 million for the same period in 2015. The increase was supported by good performances in Algeria and the Maldives, Ooredoo said.

Ooredoo Kuwait performed well despite a highly competitive market, where EBITDA increased by 4 percent and revenue grew by 7 percent for the period. In Kuwait Ooredoo was declared Speedtest Awards Winner 2016.

Ooredoo Algeria increased its customer base by 4 percentfor the nine month period, successfully maintaining its data market leadership position.

Due to the impact of currency depreciation and challenges associated with the slowdown of tourism, Ooredoo Tunisia produced a weaker set of results, with decreases in EBITDA and net profit. Despite this, Ooredoo maintained its market leadership and increased their customer base by 5 percent to reach almost 8 million for the period.

The total customer base for Wataniya Mobile Palestine at the end of nine months of 2016 was 0.8 million, an increase of 8 percent from the same period of 2015. Revenues increased by 1 percent during the period.

Ooredoo Maldives total customer base at the end of nine months of 2016 was 0.4 million, an increase of 14 percent from the same period of 2015. Revenues for nine months of 2016 were KWD23.8 million, an increase of 38 percent compared to KWD17.3 million for the same period in 2015.

A significant development for Ooredoo in the Middle East was the acquisition of FASTtelco, a Kuwait based ISP, to offer advanced fixed broadband and mobile services.

In another significant development, Ooredoo Maldives is preparing for an IPO at the local Stock Exchange in 2017.

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