Kuwait's Mobile Telecommunications Company K.S.C Board of Directors met on Sunday May 1st, 2005 and announced the company's financial and operational results for the first quarter of 2005. The MTC Group is now serving 3.5 million customers as of March 31, 2005. During the first quarter of this year, MTC has recorded consolidated revenues of KD 90.11 million. The company posted consolidated EBITDA of KD 54.92 million for an EBITDA margin of 61% while consolidated net income reached KD 41.06 million. The net income figure translates to earnings per share of 76 Fils for the quarter.
Mr. Asaad Al-Banwan, MTC Chairman of the Board Said: "We are pleased to announce that MTC has posted very solid operational and financial results for the fist quarter of 2005. These results exceeded our budget expectations and are a confirmation that MTC has adopted the right vision and has implemented sound management strategies to achieve these targets. The regions where MTC operates have benefited from recent economic growth and the company is well positioned to compete for its share. As the company grows and diversifies its operations, we are confident of the promising long term future ahead for all MTC stakeholders.”
Mr. Al-Banwan went on to add: “On March 29th, 2005 MTC announced that it had entered into a binding agreement with the shareholders of Celtel International B.V. to acquire 100% of the issued capital of Celtel, the leading cellular operator in Sub-Saharan Africa. This transaction will propel MTC into the international arena and set the stage for the next phase of growth.”
As of March 31st, 2005 the MTC group of companies is serving a growing customer base of over 3.491 million active customers in Kuwait, Jordan, Bahrain, Iraq, and Lebanon reflecting an increase of 69.13% when compared to March 31st, 2004.
MTC has recorded consolidated revenues of KD 90.11 million ($ 310.23 million) for the 3 months ended March 31st , 2005 an increase of 22.05% over the same period of 2004. During the first quarter, the consolidated EBITDA improved by 28% to reach KD 54.92 million ($ 189.09 million) representing an EBITDA margin of 60.95%. MTC has announced consolidated net income of KD 41.06 million ($141.37 million) representing 76 Fils (26 cents) per share for the first three months of 2005, an increase of 23 Fils compared to the results for the first three months of 2004 of 53 Fils (18 cents) per share.