Wataniya Telecom’s net profit up 63 percent in 2003
Kuwait GSM operator Wataniya Telecom reported a net profit of 33.1 million Kuwaiti dinars ($112.6 million) for 2003, an increase of 63 percent compared to KD 20.3 million earned in 2002.
The board of directors has recommended a stock dividend of six percent on the outstanding shares as of December 31, 2003, and an additional rights issue of eight percent, reported a press release.
Total revenues for 2003 increased by 87 percent to KD 160.4 million from KD 85.5 million in 2002. Total assets were KD 341.7 million compared to KD 257.8 million, a rise of 33 percent, and shareholders' equity grew by 53 percent to KD 93.3 million from KD 61.0 million in 2002.
Wataniya Telecom is part of the Kuwait Projects Company (KIPCO) group. Launched in 1999 as the second licensed GSM provider in the Emirate, Wataniya Telecom has a market capitalization exceeding $3.4 billion. The company has over 770,000 subscribers in Kuwait and 250,000 in Tunisia. — (menareport.com)
© 2004 Mena Report (www.menareport.com)