Telecom operator Ooredoo announced its revenue, EBITDA, EBITDA margin and profit during the third quarter of 2018.
Ooredoo has posted 10 percent drop in revenue to KWD 161 million in Q3 2018 from KWD 178.8 million in Q3 2017 despite subscriber base reaching 26.6 million from 26.1 million.
Ooredoo reported EBITDA of KWD 54.5 million (–21 percent), EBITDA margin of 34 percent and net profit of KWD 4 million (–65 percent).
The drop in net profit was mainly caused by a lower Algerian contribution due to a weak economic environment, currency devaluation and price competition.
“Our financial performance was negatively impacted by margin compression in Kuwait and challenging economic conditions in Algeria. All our other operations showed healthy EBITDA levels,” Sheikh Saud Bin Nasser Al Thani, chairman of Ooredoo, said.
9-month performance
Ooredoo – Kuwait
Ooredoo’s customer base in Kuwait increased 2 percent to 2.3 million. Revenues rose 13 percent to KWD 181.7 million. Higher handset sales led to an increase in revenue, negatively impacting margins. EBITDA fell to KWD 36.8 million from KWD 39.6 million.
Ooredoo – Tunisia
Ooredoo’s customer base in Tunisia increased 5 percent to 8.8 million. Revenues slightly decreased to KWD 95.4 million from KWD 96.2 million. EBITDA increased to KWD 39.5 million from KWD 38.0 million.
Ooredoo – Algeria
Business in Algeria was negatively impacted by the devaluation of the Algerian Dinar, competion and weak economic environment. Customer numbers of Ooredoo Algeria declined 3 percent to 13.8 million. Revenue also decreased to KWD 173.6 million from KWD 219.4 million. EBITDA dropped to KWD 66.3 million from KWD 99.9 million.
Wataniya – Palestine
Wataniya Mobile launched 3G network in the West Bank in January 2018. Customer base increased 57 percent to 1.3 million, benefiting from the Gaza launch in October 2017. Revenue increased 19 percent to KWD 23 million from KWD 19.3 million. EBITDA increased to KWD 5.8 million from KD 5.1 million.
Ooredoo – Maldives
Ooredoo Maldives reported 6 percent increase in revenue to KWD 28.7 million. EBITDA was KWD 14.4 million compared to KWD 15.1 million. Ooredoo Maldives serves a total of 430k customers, representing a 1 percent decrease compared to the same period in 2017.
