MTC expansion spurs sales

Kuwait’s MTC Group has posted first-half revenues of USD1.72 billion, up 121% on the first six months of 2005. The growth can be attributed to the firm’s international expansion strategy which saw it acquire pan-African mobile operator Celtel in May last year. EBITDA increased 81% to USD871.6 million, while net profits were up 55% to USD477.9 million. MTC now has 22.91 million subscribers in 20 countries in Africa and the Middle East, including more than 5.5 million at the recently acquired V-Mobile of Nigeria.