MTC predicts profits leap

MTC Kuwait says it expects to double its profits in 2006 to a record KWD375 million (USD1.3 billion). Reuters quotes the firm’s CEO, Saad al-Barrak, who said: ‘We will achieve record profits that will surpass the profits for 2002 five-fold.’ He added that revenues for 2006 are forecast to reach USD4.5 billion, up from USD2 billion last year. Part of the reason behind the expected growth is the addition of pan-African mobile operator Celtel, which MTC bought for USD3.36 billion in 2005. The whole MTC group now serves around 25 million subscribers in 20 countries. The Kuwaiti government still holds a 24.42% stake in MTC.