Wataniya’s net profit up by almost 20% to KWD22.9m

26 Jul 2013

Wataniya Telecom (NMTC), Kuwait’s second biggest telco by subscribers, has published its financial results for 2Q13, reporting 2.9% year-on-year growth in revenues to KWD193.2 million (USD678.49 million). Further, the company’s net profit surged to KWD22.9 million in the quarter under review, a 19.8% improvement on the KWD19.1 million reported in 2Q12, thus beating forecasts and effectively ending the downward trend from the preceding six quarters. Wataniya’s EBITDA reached KWD78.4 million in 2Q13, a 2.6% improvement y-o-y from KWD76.4 million.

Wataniya, a subsidiary of Ooredoo (Qatar Telecom) has also taken strides to improve its operational performance, and as a result the group reported that its consolidated customer base reached 19.6 million in the quarter under review, an annual increase of 7.2%, or 1.3 million net additions. In its domestic market, Wataniya’s subscribers increased marginally to 1.94 million, and the slow progress was attributed to the fierce competition in the market. Elsewhere, the company experienced healthy growth; Tunisian subscribers increased by 6.0% y-o-y to 7.3 million, while Algerian cellco Wataniya Telecom (Nedjima) contributed around 850,000 new users to the group’s total. In Palestine, Wataniya saw its customer base increase by 10.2% y-o-y to 633,000 by 30 June, while in the Maldives the company attracted a total of 220,00 subscribers, corresponding to annual growth of 36.4%.

Wataniya Telecom’s chairman Sheikh Abdullah Bin Mohammed Bin Saud Al Thani commented: ‘We have started 2013 with continued positive growth in our international markets. Despite ongoing competitive and economic challenges both domestically and in key markets, Wataniya Telecom has seen revenue grow 3.0% compared with the same period in 2012. Market conditions in Kuwait remain challenging, but our customers will benefit from our network modernization and more 4G services in the near future.’

Algeria, Kuwait, Maldives, Palestinian Territory, Ooredoo Algeria, Ooredoo Kuwait, Ooredoo Maldives