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Wataniya posts year end results

6 Apr 2010

Wataniya Telecom has posted a net profit of KWD108.3 million (USD372.5 million) in 2009, up from KWD82.4 million in 2008. ‘2009 was a successful year for Wataniya Telecom. We were not only able to effectively deal with continued competitive pressures particularly in our home market in Kuwait, but also delivered continuing positive results in our other properties, and adding to this the successful launch of our operations in Palestine, we look forward to 2010 and seize on opportunities to further develop as a group and expand our customer base which stands today at over 15.2 million,’ company chairman H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al Thani was reported as saying.

Of several operations, Wataniya Kuwait continued to deliver the largest proportion of group revenues – at 48% – while Algeria recorded the highest growth in customer numbers, at eight million. Tunisia raised its customer base to 5.21 million customers during 2009, while its newest subsidiary in Palestine had signed up 110,000 customers.

Overall, Wataniya recorded revenues of KWD475.5 million for the year ended 31 december 2009, compared with KWD476.0 million in 2008. EBITDA for 2009 was KWD190.2 million, down from KWD201.3 million.

Kuwait, Ooredoo Kuwait

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