Wataniya Telecom records net profits of $31 million in 2Q 2003
Kuwait’s Wataniya Telecom, recorded post-tax profits of 9.3 million Kuwaiti dinars ($31 million) in the second quarter of 2003, an increase of 60 percent compared to KD 5.8 million in the same quarter last year.
On a quarter-to-quarter basis compared to the first quarter of 2003, profits increased by KD 2.5 million from KD 6.8 million, a growth of 37 percent. Wataniya Telecom, an affiliate of Kuwait Projects (KIPCO), recorded revenues for the second quarter of KD 31.3 million, against KD 21.7 million for the same quarter of 2002, and revenues increased by KD 4.2 million, or 15 percent, compared to the first quarter of 2003.
Strong demand for Wataniya Telecom services in Kuwait continued throughout the second quarter, with the company increasing its customer base by 59,031 to close the quarter with 750,585 active customers and maintain an estimated 50 percent share of the Kuwait mobile phone market. This represents an increase of 21.9 percent over the year-end 2002 customer base of 615,791. Roaming coverage grew to 239 operators in 102 countries.
Second quarter revenues at Tunisiana, Wataniya Telecom's joint venture GSM operator in Tunisia, were up 29 percent on the first quarter to KD 7.1 million, compared to KD 5.5 million. Tunisiana's active subscriber base reached 251,656 as of June 30. The net attributable loss to Wataniya Telecom from Tunisiana is one million Kuwaiti dinars to date.
Wataniya Telecom was established and awarded the second mobile telephone license in Kuwait. KIPCO is a major force in financial services, and media and technology. Headquartered in Kuwait, it is the country's largest private sector company and employs more than 10,000 people internationally. — (menareport.com)
© 2003 Mena Report (www.menareport.com)