
The Kuwaiti telco witnesses a robust growth in revenue on the back of strong domestic and Algeria operations.
Wataniya Telecom also, known as National Mobile Telecommunications Co. based in Kuwait stated that its net profit for the second quarter rose by 18.7% to $85.4 million from $71.9 million the preceding year for the same period; Tunisian operations have been significantly attributed by the jump in revenue.
Earlier, analysts had predicted a figure in the tune of $83.68 million while one other source forecast $74.87 million; the telecom’s results have exceeded them all.
There was an increase of 35.2% in revenue for the quarter to $669.11 million as compared to $494.76 million in the same quarter the preceding year.
The telco also witnessed a rise in its customer base by 6.8% to hit 16.9 million by the end of the second quarter, as compared to 15.8 million for the same period the preceding year.
According to Sheikh Abdullah Bin Saud Al Thani, Chairman of Wataniya Telecom, Year on Year revenue increase of 15.4% in Kuwait and 30.6% in Algeria shows that investments of previous periods are starting to pay off and that they are capable of driving progress in competitive markets. On the other hand, Tunisiana’s robust performance demonstrates the ability to overcome challenges and produce solid results.
Qatar Telecom or Qtel which is the Gulf Arab state’s largest telecom operator, in partnership with Tunisian investment firm Princesse Holding asserted on November 22 that they would pay Orascom Telecom $1.2 billion for its 50% stake in its Tunisian unit, Tunisiana. Eventually, Qtel completed the acquisition through Wataniya Telecom whose majority stakes it owns. In addition, Qtel had raised its stake in Tunisiana to 75% earlier this year.
