Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - Wataniya Telecom records KD 731.1m revenue in 2013   Join our daily free Newsletter

MENAFN - Arab Times - 27/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Wataniya Telecom Group (National Mobile Telecom-munications Company) announced KD 731.1 million revenue for the year 2013, noting a 0.9% rise from KD 724.4 million of 2012; net profit amounted to KD 76.1 million with earnings per share of 152 fils. EBITDA for the year 2013 was KD 281.3 million compared to EBITDA of 300.5 million for the same period in 2012, marking a 6.4 percent reduction. The total customer base grew by 3.7% in 2013 and stood at 19.9 million. Total assets stood at KD 1,641 million and total equity amounting to KD 932.4 million while total liabilities added up to KD 708.9 million. At the Annual General Meeting held at the head office, Tuesday afternoon, the proposed recommendation to distribute cash dividends to the shareholders valued at 125% of the nominal value share, which is equivalent to 125 fils, was approved



Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chariman of Wataniya Telecom said, "2013 has been a year of challenge and opportunity for the group. We have continued to make appropriate investment into our assets to reflect the differing economic and market cycles across the group's operational footprint." He noted that the increase in group profit comes despite the competitive condition of the Kuwaiti market and difficult economic situation in the Tunisian operation. Wataniya Kuwait's customer base stands at 1.97 million with a 3 % decrease from 2012. Revenues from the Kuwaiti market for the year 2013 were KD 194.9 million, revealing a 11.7% fall when compared to KD 220.8 million in 2012. EBITDA was KD 52 million, decreasing 38.4% from KD 84.4 million of the previous year





Wataniya Kuwait's net profit amounted to KD 14.8 million witnessing a steep drop from KD 46.4 million in 2012. Officials relayed that delays in the nationwide delivery of advanced mobile broadband infrastructure and significant competitive intensity due to the introduction of mobile number portability had contributed to lower revenues and customers for 2013. It was also announced that Wataniya Kuwait had completed its network modernization at a cost of USD 400 million, introducing single RAN technology and upgrading its mobile backhauling to native IP. Al Thani also responded to concerns about cross platform mobile messaging and and VoIP applications draining revenue from traditional telecom sources. He stated that there was no magic answer to the problem as there were opposing mentalities at play that hamper reaching mutual ground. The company was looking to initiate change in the future with fresh ideas to tackle the issue in order to preserve and secure revenue and profits. For this, legal and technical procedures were being sought



Profit

Wataniya's Tunisian customer base at the end of 2013 stood at 7.4 million customers scaling 3.2% higher than the previous year, revenues contracted by 3.3 % to KD 195.2 million and net profit took a 20% dive down to KD 37.4 million. 2013's consolidated net profit includes additional tax of KD 4.7 million pertaining to previous five years, which was formally received after the Wataniya Telecom completed its 2012 financial report. As such, the net attributable profit to Wataniya Telecom for the year 2013 was KD 28 million in 2013. The Algerian customer base expanded by 4.8% to 9.5 million customers, revenues for the year 2013 were KD 302.7 million, climbing 13.4% higher than the previous year and the total net profit leaped to KD 57.2 million from KD 27.6 million of the previous year. Wataniya Palestine recorded a 4.6% increase in customer base, a 7.8% hike in revenue amounting to KD 25.3 million, witnessing the net attributable loss reduced from KD 3.2 million in 2012 to KD 2.9 million in 2013. Wataniya Maldives reached a 0.25 million customer base, noting a 41.5% increase from the previous year. Revenues for the year 2013 were KD12.9 million and the net attributable loss to Wataniya Telecom stood at KD 2 million.

Al Thani added, "As the operator with the widest 3G network in Algeria, we will continue to pursue our early mover advantage in delivering Mobile Broadband to our Algerian customers. We have a clear strategy to achieve future growth in the highly competitive Kuwaiti market and we will continue to build on our growth in Tunisia, Palestine, and the Maldives.






 






  MENA News Headlines
 Aug 28 2014 - Eight Killed As Vehicle Falls into DrainQatar News Agency
Eight persons were today killed and three others injured when a vehicle skidded off the road and rolled down into a drain in Ramban district of Jammu and Kashmir, India's News (PTI) ...

 Aug 28 2014 - IMF chief Christine Lagarde under investigationKhaleej Times
(MENAFN - Khaleej Times) The source said Lagarde who earlier was questioned by magistrates in Paris under her existing status as a witness considered their decision to investigate her for alleged ...

 Aug 28 2014 - Modi slams whispering campaign against home ministerKhaleej Times
(MENAFN - Khaleej Times) Rajnath Singh gave an emotional statement to the media saying he would quit public life if reports about his adult son proved to be true.Indian Prime Minister Narendra Modi ...

 Aug 28 2014 - Work-shirkers in in Indian tax dept to face musicKhaleej Times
(MENAFN - Khaleej Times) As part of Prime Minister Modis Clean India Campaign the CBDT also asked its controlling and administrative officers to conduct surprise checks of the staff attendance and ...

 Aug 28 2014 - PM should apply wisdom on tainted MPs says Indian SCKhaleej Times
(MENAFN - Khaleej Times) Top court says people with criminal record are not expected to become part of government.India’s top court said Wednesday lawmakers with criminal backgrounds should not ...

 Aug 28 2014 - Indian PM Narendra Modi eyes breakthrough nuclear pact on Japan tripKhaleej Times
(MENAFN - Khaleej Times) Narendra Modi travels to Japan on Saturday for a five-day visit his first major bilateral trip since taking over in May.India is hoping to win Japanese backing for a nuclear ...

 Aug 28 2014 - Season II of 24 will be as thrilling as first one promises Anil KapoorKhaleej Times
(MENAFN - Khaleej Times) Anil who featured in the eighth season of the US version of the show played Anti-Terrorist Unit chief Jai Singh Rathod in the desi version which he produced for channel ...

 Aug 28 2014 - Breaking Bad and Modern Family bag trophies at glitzy Emmy AwardsKhaleej Times
(MENAFN - Khaleej Times) ABCs Modern Family won a fifth best comedy series Emmy tying the record set by Frasier while the final season of AMCs Breaking Bad captured the top drama award and a trio of ...

 Aug 28 2014 - Bipasha Basus double date with DubaiKhaleej Times
(MENAFN - Khaleej Times) Bipasha will walk the ramp for India Fashion Week that is being held from 4-6 September at Jumeirah Emirates Towers.Bollywood hottie Bipasha Basu will be in Dubai for two ...

 Aug 28 2014 - Katrina Kaif's sister to dance to 'Dal Makhani'Khaleej Times
(MENAFN - Khaleej Times) Katrina Kaif keeps close watch on sister Izabelles debut movie Dr.Katrina Kaif’s sister Izabelle loves Indian food specially Dal Makhani. So the team of Indo-Canadian ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help