MTC accelerates top line growth in first quarter 2005
The Mobile Telecommunications Company (MTC)* has announced strong operating results for the first quarter of 2005. MTC has posted consolidated revenues of US$310.23 million (Kuwaiti Dinar (KD) 90.11 million), for the first quarter of 2005, an increase of 22.05 per cent over the corresponding in period in 2004.
The MTC Group has posted consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of US$189.09 million, (KD54.92 million), a 61 per cent margin while consolidated net income reached US$141.37 million (KD41.06 million), for the first quarter of this year. This translates to earnings per share of 26 cents (76 fils) for the quarter, compared to the results for the first three months of 2004 of 53 fils (18 cents) per share.
“MTC’s focus on the fundamentals has produced strong operating and financial results for the first quarter of 2005,” said Asaad Al-Banwan, Chairman of the MTC Board. “Clearly our year to date performance has been above expectations. This confirms we have adopted the right vision and implemented sound management strategies to achieve these targets. MTC operates in buoyant markets and we are well positioned to take on these markets. As the company grows and diversifies its operations, we are confident of reaping long term benefits for all our stakeholders.”
Al-Banwan added: “We have also entered into a binding agreement to acquire 100 per cent of the issued capital of Celtel, the leading cellular operator in Sub-Saharan Africa. This transaction will propel MTC into the international arena and sets the stage for the next phase of growth.”
MTC serves an active customer base in Kuwait, Jordan, Bahrain, Iraq, and Lebanon and reflects a 69.13 per cent growth in customer numbers over the corresponding period last year. The company believes its dedication to customer service and a consistent strategy, delivered locally, are the real drivers for the business going forward.
Dr. Saad Al-Barrak, MTC Deputy Chairman and Managing Director, said: “I want MTC to be one of the world’s best loved brands. Over nine years, we aim to be a global wireless operator, and we have exceeded our targets for the first leg of our 3x3x3 strategy ahead of schedule. Our acquisition of Celtel will help us expand our footprint into Africa. The MTC Group now serves over 9.5 million customers in the Middle East and Africa. We have strengthened our key operating metrics and financial ratios and with the Celtel acquisition, MTC is a leader among its peers.”