Algeria and Tunisia help boost Wataniya results, though profit slides

26 Apr 2012

Kuwaiti telecoms group Wataniya has reported a 90% drop in its first-quarter net profit to KWD28.3 million (USD102.1 million), with results in the year-earlier period having been boosted by a one-off fair value gain. Revenue for the three months to end-March 2012 stood at KWD180.3 million, up from KWD169.8 million the year before. The firm, which is majority-owned by Qatar Telecom (Qtel), increased its subscriber base by 8.7% y-o-y to 18.1 million, with new customer gains at its operations in Algeria (Nedjma) and Tunisia (Tunisiana) helping to offset declining sales in its domestic market.