Wataniya reveals strong first quarter

2 May 2007

Wataniya Telecom has reported consolidated net income of USD88.4 million for the first quarter of 2007, on the back of a 34% increase in revenue year-on-year to USD315.8 million. EBITDA meanwhile also climbed strongly, up 52% to USD136.6 million. In addition to providing wireless services in its home market of Kuwait, Wataniya holds stakes in wireless network operators in Algeria, Iraq, the Maldives, Tunisia and Saudi Arabia, and is preparing to launch in the Palestinian Territory. At 31 March 2007 the overall customer base stood at 7.25 million, representing a 43% annual increase. In early March 2007 Qatar-based Qtel acquired a 51% stake in Wataniya for USD3.72 billion. ‘Wataniya is now part of a larger Qtel group and the synergies and efficiencies that are expected to be achieved from the enlarged Qtel group will benefit all the Wataniya group companies and will enhance the long term value for the shareholders,’ stated Sheikh Abdullah bin Mohammed bin Saud Al Thani, chairman of Wataniya Telecom.

Kuwait, Ooredoo Kuwait, Ooredoo Qatar