MTC reports record results

19 Feb 2007

Kuwait-based telco MTC has reported record profits for 2006, up 67.9% year-on-year to KWD305.3 million (USD1.06 billion). Revenues more than doubled to USD4.18 billion thanks to a rapid rise in customer numbers, from 13.65 million in 18 countries at the end of 2005, to 27.04 million in 20 countries at end-2006. MTC chairman Asaad al-Banwan commented: ‘MTC is proud of achieving these excellent results and recording this profit which is unprecedented in the history of Kuwait’s private sector. 2006 represented an important turning point for MTC’s financial and operational performance.’ The company recently announced a strategy under which it hopes to have secured 70 million subscribers by 2011. It operates under its own brand in six countries in the Middle East and under the Celtel name in 14 African markets.

Kuwait, Celtel International, Zain Group