(MENAFN - Arab Times) VIVA, Kuwait's newest and one of the most advanced mobile telecommunications service providers during its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) approved the company's financial results for the year ended Dec 31, 2011 and also the auditors' report
The AGM, which was held at the Ministry of Commerce and Industry in downtown Kuwait City, also approved VIVA's balance sheet and profit and loss accounts for the same period.
In his address to the company executives and shareholders Adel Al Roumi, Chairman of the Board, said: "We are proud of the tremendous success we have achieved over the past three years, during which time the company has doubled its growth rate.
"We will continue to invest in our staff and in the infrastructure and technologies that have distinguished VIVA from its competitors and which have allowed us to develop so quickly."
He went on to say, "VIVA has invested in assets worth KD 29 million in 2011, which led to achieving an operating revenue of KD 94 million (188 percent of the company's capital) and with operating profit before deducting the cost of depreciation, amortization expenses and financing expenses totaling KD 0.5 million; the company recorded a net loss of KD14 million.
About listing of VIVA's shares on the Kuwait Stock Exchange, Al Roumi confirmed the company had requested to apply for listing from the Capital Market Authority on Feb 16, 2012 and has yet to receive feedback.
Salman Bin Abdul Aziz Al-Badran, VIVA's CEO said: "In light of the fierce competition in the telecom sector in Kuwait, VIVA was largely successful in attracting more than one million subscribers on its network in less than three years, attaining 20 percent of the Kuwaiti telecommunications market share by the end of 2011.
He said he is pleased to note that over the same period VIVA has become the second largest data service provider in Kuwait by providing 'broadband' services through various attractive and innovative smartphone packages.
"I would like to express my appreciation to all VIVA family and our partners, customers and shareholders, who we owe our success in 2011," added Al-Badran.
Abdulaziz Abdullah Al Qatie, Chief Financial Officer said: "VIVA has exceeded its expectations in terms of attracting customers as well as its revenue. We expect to achieve continued growth in revenue, profits, and rights of shareholders throughout 2012."
The General Meeting approved all points on the agenda Presentation of the Board of Directors report for the financial year ended Decr 31, 2011 and its approval; presentation of the approved auditors' report for the financial year ended Dec 31, 2011 and its approval; approval of the balance sheet and profit and loss accounts for the financial year ended Dec 31, 2011; approval of the deal with the relevant parties involved; approval of the Board of Directors' bonuses; disclaimer for the Board of Directors and discharging them from everything related to their conduct for the financial year ended Dec 31, 2011; election of Board of Directors for the second session for a period of three years and appointment or re-appointment of the auditors for the fiscal year 2012, and authorizing the Board of Directors to determine their fees.
The Board of Directors were nominated with a unanimous vote.
The Ministry of Commerce and Industry's representative observed that in accordance with Article 171, the company's losses have exceeded 75 percent of its capital therefore requiring the company to hold an Extraordinary General Meeting.
Following the General Meeting, VIVA's Board of Directors held its first meeting for the second session to discuss the board's formation, which resulted in the appointment of Adel Al Roumi as Chairman of the Board and Dr Zeyad Al-Otaibi as vice-chairman.
VIVA has recorded a number of achievements this year that showcase the company's progress and growth, these include being awarded the ISO certification for the second consecutive year, following a rigorous assessment of its quality management system and services provided to clients.
VIVA also launched a number of services, including the launch of VIVA Elite, a program providing customers with personal assistant services; the launch of a new range of data roaming packages so customers can now enjoy VIVA's roaming services while traveling abroad in more than 50 countries; adding new enhancements to Kuwait's fastest internet service that delivers data at speeds of up to 42.2 Mbps; and the launch of an exclusive prepaid plan which targets the youth, allowing them to enjoy VIVA's latest telecom services at affordable prices.
To find out more about VIVA's latest competitive promotions, products and packages, visit any of VIVA's 14 branches, or visit the VIVA website www.viva.com.kw.
VIVA has rapidly established an unrivalled position in the market through our customer and employee centric approach. VIVA's quest is to be the mobile brand of choice for Kuwait by being transparent, engaging, energetic and fulfilling.
VIVA continues to take a considerable share of the market by offering an innovative range of best value products, services and content propositions; a state of the art, nationwide network and world-class service.