Kuwait’s Wataniya Q1 net profit plunges 31%

24 Apr 2013

Kuwait’s second biggest telco by subscribers Wataniya Telecom (NMTC) recounted a 31% plummet in profit in the first-quarter of 2013 due to competition and tough economic conditions. Wataniya made a net profit of KWD19.5 million (USD68.4 million) in the three months to 31 March, down from KWD28.3 million reported during the same period the previous year, the company indicated in a statement posted on the Kuwait Stock Exchange’s (KSE’s) website. The telco, a subsidiary of Ooredoo (Qatar Telecom), had reported declining profits in the preceding five quarters.

According to TeleGeography’s GlobalComms Database, two other mobile companies, Mobile Telecommunications Co (Zain) and Kuwait Telecommunications (Viva), also operate in Kuwait, with market leader Zain Kuwait claiming 38.3% of subscribers at 31 December 2012, ahead of Wataniya Telecom which controlled 34.5% and third-placed VIVA which accounted for the remainder (27.2%).

Kuwait, Ooredoo Kuwait, STC Kuwait (formerly Viva), Zain Kuwait