Ooredoo Kuwait profit falls 29% as 9M revenue hits KD608m

Ooredoo Kuwait profit fell 29% to KD48m ($156m) in the first nine months of 2026, as a one-off Algeria provision offset a 6% revenue rise to KD608m ($1.98bn), the company said on 24 October.

Net profit attributable to shareholders compared with KD68m ($221m) in the same period of 2025. Earnings per share dropped to 97 fils from 136 fils, according to the results announcement.

The decline reflects a KD23.5m ($77m) provision booked after the final hearing in June 2026 before the Supreme Court of Algeria in a case brought by the Central Bank of Algeria against Wataniya Telecom Algerie, a group subsidiary. Excluding that charge and a one-off bad debt provision in the prior-year period, normalised net profit was KD72m ($235m), which the company described as stable.

Ooredoo Kuwait profit masks stronger operating performance

Group EBITDA rose 10% to KD255m ($830m) from KD232m, lifting the margin to 42% from 41%. Stripping out the prior-year bad debt provision, EBITDA growth was 8%, the company said.

Consolidated revenue increased to KD608m from KD573m, driven by what the group called strong performances in Algeria, Tunisia and Palestine. The customer base grew 7% to 29.1 million at 30 September, from 27.3 million a year earlier.

The nine-month figures imply third-quarter revenue of roughly KD210m, based on the KD398m the company reported for the first half of 2026. That compares with first-half growth of 8% and a first-quarter increase of 11%, suggesting Ooredoo Kuwait revenue growth slowed through the year.

In its home market, the group said handset supply-chain constraints continued to weigh on commercial performance and revenue growth in Kuwait. A more favourable revenue mix supported profitability there, it added.

Chairman points to geographic spread

Sheikh Nasser bin Hamad bin Nasser Al Thani, chairman of the board, said the first nine months showed the strength of the group’s business model and its broad geographic presence. He cited the 6% revenue increase, the 10% EBITDA rise and the 42% margin as evidence that the operating business remained on track.

Abdulaziz Yaqoub Al Babtain, chief executive of Ooredoo Kuwait, said the results reflected the company’s ability to deliver despite regional developments and sector challenges. He named artificial intelligence, data analytics and automation as priorities for lifting productivity.

Ooredoo Kuwait, formally National Mobile Telecommunications Company (NMTC), is listed on Boursa Kuwait and majority-owned by Qatar’s Ooredoo Group. Alongside Kuwait, its consolidated operations include Algeria, Tunisia and Palestine.

Why it matters for Gulf investors

The Algeria provision is the second large one-off item to distort NMTC results in recent years. In 2023, the company booked a KD43.8m gain from a regulatory tariff court case, which inflated that year’s earnings and made 2024 comparisons look weak.

For investors, the underlying Ooredoo Kuwait profit story is that of a telecom operator growing revenue in the mid-single digits with expanding margins, while legal and regulatory exposure in North Africa continues to add volatility to reported profit. The company reported full-year 2025 revenue of KD774m, up 9%, so the 6% nine-month pace marks a slowdown.

The results land in a quarter when several Gulf lenders and operators have reported steady growth despite regional tensions. Outlook Middle East has covered QIB’s 2% rise in nine-month profit and record foreign outflows from GCC markets in the third quarter.

What happens next

Investors will watch whether the Algeria case produces any further charges or whether the KD23.5m provision proves sufficient to cap the hit to Ooredoo Kuwait profit. The company has not indicated that additional amounts are expected.

Attention now turns to fourth-quarter trading in Kuwait, where management says device supply remains a constraint, and to the board’s dividend decision for 2026, which will follow the full-year results early next year. The nine-month results statement was reported by TradeArabia.