Wataniya reports bumper first half numbers

Kuwait-based Wataniya Telecom has posted first half net profit of US $71 million on turnover of $359.5 million.

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By  David Ingham Published  July 14, 2004

Wataniya Telecom has posted impressive first half results, showing that the region’s telecomms industry continues to boom. The Kuwait-based mobile services company achieved first half net profit of US $71 million, compared with US $51.2 million for the corresponding period a year ago. Revenue for the six months ending June 30 reached US $359.5 million. Wataniya has stakes in mobile networks in Kuwait, Iraq and Tunisia, and it holds shares in a service due to start in Algeria this year. In Kuwait, which accounts for around two thirds of the company’s revenue, Wataniya now has 817,180 active customers. Tunisiana, of which its owns 50%, has an active subscriber base of over 711,676. Iraqi operator, Asia-Cell, in which it holds a 40% stake, has 207,447 active subscribers. Wataniya’s market cap currently stands at US $2.6 billion. The regional telecomms industry remains a boom sector and shows no signs of slowing down. Etisalat last week posted a 16% year on year increase in first half net, which reached US $466 million. The company also made a bid of $3.3 billion for Saudi Arabia’s second GSM license.

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