(MENAFN- Arab Times) 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."
Review of Operations
The Group's operational performance can be summarized as follows:
Ooredoo - Kuwait
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.
Ooredoo - Tunisia
Ooredoo's Tunisia customer base at the end of Q1 2015increased to 7.4 million customers, an increase of 0.5%. During Q12015, the Tunisian Dinar depreciated by 13% over Q12014 which has significantly impacted the results shown in KWD. Revenues for Q1 2015 were KWD36.3 million ($120.7 million), compared to revenues for the same period in 2014 of KWD45.4 million ($161.3 million). EBITDA was KWD15.1 million ($50.3 million) compared to KWD22.4 million ($79.5 million) for the same period last year representing a decrease of 32.3%.
The Net Profit decreased to KWD2.7million ($9 million) a decrease of 64.6% when compared with KWD7.7 million ($27.3 million) for the same period in 2014. The Net Attributable Profit to Ooredoo for Q1 2015 was KWD2 million ($6.8 million), compared to KWD5.8 million ($20.5 million) for the same period in 2014.
Ooredoo - Algeria
Ooredoo's customer base in Algeria at the end of Q1 of 2015 was 12.6 million customers, an increase of 27.2%. During Q12015, the Algerian Dinar depreciated by 12% over Q12014 which has significantly impacted the results shown in KWD. Revenues for Q1 of 2015 were KWD82.3 million ($273.3 million), a decrease of 3.8% compared with revenues of KWD85.5 million ($303.6 million) for the same period in 2014. EBITDA for Q1 2015 was KWD29.7 million ($98.7 million), a decrease of 10.1% on KWD33.1 million ($117.4 million) for the same period in
2014.The total Net Loss for Q1 2015 was KWD5.0 million ($16.5 million) compared to a total Net Profit of KWD12.1 million ($42.8 million) for the same period in 2014. The Net Attributable Loss to Ooredoo for Q1 of 2015 was KWD3.5 million ($11.7 million) compared to a Net Attributable Profit of KWD8.6 million ($30.4 million) for the same period in 2014. Excluding the losses caused by depreciation of DZD, the Attributable Net Profit to Ooredoo would be KWD 6.5 Million ($21.5 Million).
Wataniya - Palestine
The total customer base for Wataniya Mobile Palestine at the end of Q1 2015 was 0.6 million, a decrease of 3.2% from the same period of 2014. Revenues for Q1 of 2015 were KWD5.7 million ($18.9 million), a decrease of 5.3% compared to the revenues of KWD6.0million ($21.3 million) for the same period in 2014. EBITDA for Q1 2015 was KWD0.5 million ($1.7 million) a decrease of 34.6%, compared to an EBITDA of KWD0.8 million ($2.9 million). The total Net Loss for Q1 2015 was KWD1.2 million ($4.1 million) compared to a total Net Loss of KWD1.2 million ($4.4 million). The Net Attributable Loss for the Q1 of 2015stood atKWD0.6 million ($2.0 million) compared to a Net Attributable Loss of KWD0.6 million ($2.1 million) for the same period in 2014.
Ooredoo - Maldives
Maldives total customer base at the end of Q1 2015 was 0.3 million, an increase of 23.3% from the same period of 2014. Revenues for Q1 2015 were KWD5.7 million ($19.0 million),an increase of 47.8%, compared to KWD3.9 million ($13.7 million) for the same period 2014. EBITDA for the Q1 2015 was KWD2.7 million ($9.1 million) an increase of 110.3%, compared to an EBITDA of KWD1.3 million ($4.2 million). The Net Attributable Profit for Q1 2015 was KWD 1.3 million ($4.2 million) compared to the Net Attributable Profit of KWD0.2 million ($0.6 million) for the same period in 2014.
The KWD to $conversion rate used for Q1 2015 is 0.30100 and for Q1 2014 is 0.28158.
For more information please visit www.ooredoo.com.kw
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