Viva turns profitable for first time since launch

21 Mar 2013

Kuwaiti cellco Viva has posted net income of KWD3.9 million (USD13.7 million) for 2012, a significant improvement on the KWD14.4 million loss it recorded in 2011, while operating cash flow soared from KWD72,000 in 2011 to KWD32.9 million in 2012. Results were boosted by strong subscriber growth, up almost 50% from below one million at the end of 2011 to 1.6 million at the end of 2012. ‘These excellent results represent a tipping point in the company’s development,’ said Adel Al Roumi, chairman of the board, before adding: ‘2012 has been a milestone year for Viva on many levels, not least delivering profitability for the first time since we began our commercial operations in the fourth quarter of 2008, and expanding our customer base at record speed.’

Kuwait, STC Kuwait (formerly Viva)