MTC record rampant first quarter growth

2 May 2007

Kuwait’s MTC has announced first quarter 2007 revenues of USD1.36 billion representing growth of 88% compared to the corresponding period last year. EBITDA was also up, climbing 57% to USD563 million while net income came in at USD247 million, a year-on-year increase of 33%. Total active customers numbered 29.7 million on 31 March 2007. MTC operates in Kuwait and Bahrain as MTC-Vodafone, in Jordan as Fastlink, in Iraq as MTC-Atheer, in Lebanon as MTC-Touch, in Sudan as Mobitel and in 14 sub-Saharan countries in Africa as Celtel: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Kenya, Malawi, Madagascar, Niger, Nigeria, Sierra Leone, Tanzania, Uganda and Zambia.

Commenting on the results, CEO Dr Saad Al Barrak said ‘On the back of excellent results for 2006, we are delighted that MTC continues its strong performance in the first quarter of 2007. We have experienced strong customer growth across all our operations in line with our 3×3×3 vision of profitable expansion. Our impressive financial results underscore our achievements to date and we expect this trend to continue.’

Kuwait, Zain Group