Play the HiTS: Kuwait-based holding company suffers KWD5.69m FY13 loss

10 Apr 2014

According to an announcement by the Kuwait Stock Exchange (KSE), Kuwait-based HiTS Telecom posted a FY13 net loss of KWD5.69 million (USD20.18 million) in 2013, a slight improvement on the KWD5.75 million loss reported in 2012, but still down dramatically from the KWD218.7 million profit recorded in 2011. The company’s board has reportedly recommended withholding dividend payments for 2013, pending shareholder approval.

According to TeleGeography’s GlobalComms Database, the publicly-listed Kuwaiti firm owns a number of mobile network operators across Africa. Through its HiTS Africa arm the company has invested in operations in Tanzania, Equatorial Guinea (both HiTS Telecom), Liberia (Atlantic Wireless [Libercell]) and the Democratic Republic of Congo (Sematel). HiTS Telecom Burundi received a GSM licence in January 2008, but had its concession revoked by the regulator in September 2012. Elsewhere, in 2008 HiTS incorporated HiTS Europe, after acquiring 51% of Spain’s Metrored Movil, which was subsequently renamed HiTS Spain. 2008 also saw the incorporation of HiTS South America.