Wataniya Telecom reports 50 percent revenue increase in 3Q 2003
Kuwait’s Wataniya Telecom recorded a 50 percent revenue increase in the third quarter of 2003, with figures reaching 31.4 million Kuwaiti dinars ($106 million) for the third quarter of 2003, compared to KD 20.9 million for the same quarter of 2002.
Revenues remained flat on a quarter-to-quarter basis in spite of a significant number of people leaving Kuwait on holiday to escape from the summer heat, stated a press release.
Wataniya Telecom's customer base increased by 29,603 to close the third quarter with 780,188 active customers and an estimated 50 percent share of the Kuwait mobile phone market. This reflects an increase of 26.7 percent over the year-end 2002 customer base of 615,791. Monthly churn increased to 3.2 percent during the same period from 2.8 percent in the second quarter of 2003, mainly due to the war effect. Roaming coverage increased to 227 operators in 102 countries.
During October 2003, the consortium comprising Wataniya Telecom, Asia cell of Iraq and United Gulf Bank of Bahrain was awarded a two-year mobile operating license for Northern Iraq and expansion operations are set to commence soon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)