16 Feb 2012
The Kuwaiti telco Wataniya has announced a 57% year-on-year jump in fourth quarter profit to KWD38.2 million (USD137.4 million) compared to KWD24.3 million in 4Q2010. Income was boosted by the consolidation of its Tunisian subsidiary Tunisiana; Wataniya raised its stake in Tunisiana to 75% in early 2011 and now consolidates 100% of the unit’s revenues and 75% of profits, both up from 50% previously. Group sales for the fourth quarter reached KWD186.4 million, up from KWD138.7 million a year earlier. Wataniya claimed 17.8 million subscribers across its operations in Kuwait, Tunisia, Algeria, Saudi Arabia, the Maldives and the Palestinian Territories at the end of 2011.