Kuwait's Wataniya Telecom recorded a post-tax net profit of 33.1 million Kuwaiti dinars ($112.6 million) from KD 160 million of consolidated revenue from operations in Kuwait, Iraq and Tunisia for the year 2003.
Wataniya Telecom's home market showed a 48 percent increase in 2003 with KD 125.6 million, boosting net profit by 61 percent to KD 33.5 million. This significant increase in profit has been largely due to the company's ongoing cost-reduction programs and improved asset utilization, reported a bank press release.
"Through the addition of regional mobile operations, Wataniya Telecom today serves around 1.5 million customers in Kuwait, Iraq and Tunis. We expect to be fully operational in Algeria this year and we will continue to strengthen our service offering in all our operations as the company continues to consolidate its operational expertise and revenue generating services," said Chairman of Wataniya Telecom, Faisal Al-Ayyar.
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)
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