MTC 1H financials show strong gains all round

Kuwait-based telecoms operator MTC-Vodafone reported consolidated revenues of KWD226.73 million (USD776.5 million) for the six months ended June, up 48.5% year-on-year. Net profits for the period stood at KWD89.9 million, a rise of 49.8% on the previous year as subscriber numbers for the group passed 10.6 million. MTC, which has operations in Kuwait, Jordan, Iraq, Bahrain, Lebanon and 13 African countries, added as a result of its purchase of Celtel International earlier this year, said EBITDA improved to KWD140.3 million (+58%), yielding an EBITDA margin of 61.9%.