Qtel’s Wataniya unit revenues up 35%

Kuwait’s Wataniya Telecom – part of the Qtel group – has reported that its total customer base grew by 6.8% year-on-year to 16.9 million in the second quarter of 2011, including units in Kuwait, Algeria, Tunisia, Saudi Arabia, Palestinian Territories and the Maldives. Net profit of KWD23.3 million (USD85 million) in the three months to the end of June was up from KWD19.6 million a year earlier, on consolidated revenues which rose 35.2% to KWD182.3 million. Chairman of Wataniya, Sheikh Abdullah bin Mohammed al-Thani, said of the results: ‘Year-on-year revenue increase of 15.4% in Kuwait and 30.6% in Algeria shows that investments of previous periods are starting to pay off and that we are capable of driving progress in competitive markets.’ Parent Qtel is yet to release its 2Q11 report.