Wataniya Telecom Posts KD 97.3 Million Net Profit for Nine Months ending Sep 2009

Published October 22nd, 2009 - 07:49 GMT

Wataniya Telecom (National Mobile Telecommunications Company K.S.C. – Ticker: <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />NMTC) is pleased to announce 3rd Quarter 2009 financial results. The Company has posted a consolidated net profit of KD 97.3 million (USD 341 million) for the first nine months of 2009, an increase on the KD 68.2m (USD 238.9m) for the same period in 2008.  This equates to a consolidated earnings per share of 194 fils (55 cents), an increase on the 136 fils (39 cents) per share earned for the same period last year. EBITDA for the first nine months of 2009 stood at KD 141.9 million (USD 497.3 million) compared with an EBITDA of KD 149.5 million (USD 523.9 million) for the same period in 2008. 

 

Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented: Wataniya Telecom successfully enhanced profitable returns to its shareholders in the first nine months of the year, despite ongoing competitive pressures in its home market in Kuwait. We continue to deal effectively with these pressures, with the launch of new and compelling offers to our customers not only in Kuwait but also in our other markets. As a Group, our presence and our growth has remained strong, with our customer base expanding to stand today at over 12.5 million."

 

Wataniya Telecom Group Highlights:

§     Total active customer base increased to 12.5 million at the close of Q3 2009, versus 10.7 million at the close of Q3 2008: growth of 16.9%.

 

§     Returns to shareholders enhanced, delivering an increase in consolidated earnings per share in the first nine months of 2009 of 194 fils (55 cents), compared with 136 fils (39 cents) per share for the same period in 2008.

 

§     Stability of revenues maintained, with revenues for the first nine months of 2009 totalling KD 351.7 million (USD1.23 billion), compared with revenues for the same period in 2008 of KD 355.3 million (USD 1.25 billion).

 

§     EBITDA for the year to date Q3 2009 of KD 141.9 million (USD 497.3 million), compared with EBITDA of KD 149.5 million (USD 523.9 million) for the same period in 2008.

 

 

 

 

    Year to Date Q3  2009

    Year to Date  Q3  2008

REVENUES

KD 351.7m (USD 1.23b)

KD355.3m (USD 1.24b)

EBITDA

KD 141.9m (USD 497.3m)

KD 149.5m (USD 523.9m)

NET PROFIT

KD 97.3m (USD 341m)

KD 68.2m (USD 238.9m)

 

 

 

 

 

Kuwait: Wataniya Kuwait's customer base increased to 1.46 million customers at the end of Q3 2009, an increase of 13.6% on Q3 2008. Revenues for the year to date Q3 2009 were KD 149.6 million (USD 524.0 million) compared with revenues for the same period in 2008 of KD 169.6 million (USD 594.2 million). EBITDA for the year to date Q3 2009 was KD 70.6 million (USD 247.4 million) compared with EBITDA for the same period in 2008 of KD 87.2 million (USD 305.4 million). Net profit for year to date Q3 2009 grew to KD 96.9 million (USD 339.5 million), compared with net profit for the same period last year of KD 61.5 million (USD 215.3 million). The elimination of the fees for incoming calls from the fixed line & International network in late 2008 continued to have a negative impact on results.

 

 

Tunisia:  Tunisiana customer base at the end of Q3 2009 stood at 4.81 million customers: an increase of 15.7% on Q3 2008. Revenues for year to date Q3 2009 were KD 75.9 million (USD 266.0 million), similar to revenues for the same period in 2008 of KD 76.1 million (USD 266.5 million). EBITDA for the year to date Q3 2009 increased to KD 41.6 million (USD 145.7 million) from 40.3 million (USD 141.2 million) for the same period last year. The net attributable profit to Wataniya Telecom for the year to date Q3 2009 also increased to KD 18.0 million (USD 62.9 million) compared with KD 16.9million (USD 59.2 million) for the same period in 2008. Growth in US Dollar terms is lower due to the depreciation of the Tunisian currency. Results in local currency terms for Tunisiana were higher for both Revenue (+9%) and EBITDA (+12%) when comparing the same period last year. Wataniya Telecom accounts for Tunisiana on a 50% proportionate consolidation method.

 

 

Algeria:  The Nedjma customer base at the end of Q3 2009 amounted to 5.94 million customers: an increase of 18.2% on Q3 2008. Nedjma posted year on year revenue growth with revenues for the year to date Q3 2009 standing at KD 105.1 million (USD 368.3 million) compared with revenues of KD 96.2 million (USD 337.0 million) for the same period in 2008. EBITDA for the year to date Q3 2009 was KD 35.2 million (USD 123.2 million), an increase of 21.5% on KD 28.9 million (USD 101.4 million) for the first nine months of 2008. The total net loss for the year to date Q3 2009 was KD 6.4 million (USD 22.3 million) compared with a net profit of KD 1.1 million (USD 3.9 million) for the same period in 2008. The net attributable loss to Wataniya Telecom in the year to date Q3 2009 was KD 4.5 million (USD 15.8 million) compared with the profit of KD 788 thousand (USD 2.76 million) for the same period in 2008. Growth in US Dollar terms is lower due to the depreciation of the Algerian currency. Results in local currency terms for Nedjma were higher for both Revenue (+20%) and EBITDA (+34%) when comparing the same period last year.

 

 

Saudi Arabia:  Bravo customers reached 0.19 million at the end of Q3 2009, an increase of 35% from Q3 2008. Revenues in the year to date Q3 2009 increased to KD 14.2 million (USD 49.9 million) from KD 9.6 million (USD 33.8 million) for the same period in 2008. The total net loss for the year to date Q3 2009 was KD 8.0 million (USD 28.2 million) compared with KD 9.6 million (USD 33.8 million) in the comparable period in 2008. The net attributable loss to Wataniya Telecom for the year to date 2009 is KD 4.5 million (USD 15.7 million). This is an improvement of 17% compared with the loss of KD 5.4 million (USD 18.8 million) for the year to date Q3 2008.

 

Maldives:  Total customers at the end of Q3 2009 were 0.10 million, an increase of 10.9% from Q3 2008.  Revenues were KD 5.6 million (USD 19.6 million) for the year to date 2009 compared with KD 3.8 million (USD 13.2 million) for the same period in 2008 year to date. EBITDA for the first nine months of 2009 was KD 0.11 million (USD 0.40 million) compared with an EBITDA loss of 0.10 million (USD 0.32 million) for the same period in 2008. The net loss for the year to date Q3 2009 is KD 2.8 million (USD 9.7 million) compared with the loss of KD 2.9 million (USD 10.2 million) for the same period in 2008.

 

 

 

 

 

 

 

 

 

Profit and Loss by Operation in KD Millions

 

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Monthly ARPU by Operation in Kuwaiti Dinar

 

Countries

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

KUWAIT

 

 

 

 

 

POST-PAID

36.5

34.9

32.0

33.3

33.0

PRE-PAID

10.5

10.3

8.2

8.3

7.3

WEIGHTED AVERAGE ARPU

14.2

13.7

11.5

11.7

10.7

TUNISIA

 

 

 

 

 

POST-PAID

16.6

16.4

11.7

13.4

12.0

PRE-PAID

3.5

3.1

3.1

3.4

3.5

WEIGHTED AVERAGE ARPU

3.8

3.3

3.3

3.6

3.7

ALGERIA

 

 

 

 

 

POST-PAID

13.7

14.8

11.8

9.0

8.2

PRE-PAID

1.9

1.9

1.6

1.5

1.5

WEIGHTED AVERAGE ARPU

2.1

2.1

2.0

2.1

1.9

SAUDI ARABIA

 

 

 

 

 

POST-PAID

8.2

9.2

9.3

8.5

8.3

WEIGHTED AVERAGE ARPU

8.2

9.2

9.3

8.5

8.3

MALDIVES

 

 

 

 

 

POST-PAID

17.8

21.7

20.7

21.5

18.2

PRE-PAID

3.9

4.3

4.1

3.8

3.6

WEIGHTED AVERAGE ARPU

4.2

4.7

4.5

4.4

4.2

 

 

 

Total Customers by Operation (In 000’s)                                                                                                         

 

 

 

 

 

 

 

 

 


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