Ooredoo Kuwait Achieves 48% Increase in Income

Kuwait, August 04 (QNA) - Ooredoo Kuwait announced a 48 percent increase in income during the first half of this year and revenues of KD 114.1 million (about $9.387 million). In a press statement Sunday, the company said that after seeing its earnings before interest tax depreciation and amortization (EBITDA), Ooredoo Kuwait's first half EBITDA rose to KD 36 million ($122.4 million), compared to 24.3 million ($82.6 million) for the same period of 2018, as its customer base grew 2.5 million customers, an increase of 6 percent. Chief Executive Officer Sheikh Mohammed bin Abdullah Al-Thani said that the strong financial and operational performance for the first half of this year is a continuation of the company's strong financial performance in 2018 and an affirmation of the strategy's success adopted to develop the company. He added that Ooredoo Kuwait's results are the product of "our focus on improving cost efficiency as part of our broader digital transformation strategy as the implementation of the International Financial Reporting Standards (IFRS 16) has supported the increase in EBITDA, which has had a positive impact on our operations." Ooredoo Kuwait was established in 1997 and was listed on the Kuwait Stock Exchange in 1999 with a capital of KD 50.4 million ($ 171.3 million). (QNA)