MTC reports US$141 million net income in 1Q

Commenting on the results, Saad Al-Barrak said that coupled with the recent Celtel acquisition, MTC’s reach would expand to cover 9.5 million users across Middle East and Africa.

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By  Tawanda Chihota Published  May 4, 2005

Leading Kuwait mobile operator Mobile Telecommunications Company (MTC) has reported net income of KD41.061 million (US$141 million) for 1Q05 to end-March, up 42% year on year. Revenues during the same period rose 22.05% year on year to KD90.11 million, with consolidated EBITDA improving by 28% to KD54.92 million. MTC’s subscriber base totalled 3.491 million at the end of the period, spanning the markets of Kuwait, Jordan, Bahrain, Iraq and Lebanon. This reflected an increase in subscriber numbers of 61.13% year on year. In Kuwait, the operator added 44,795 subscribers during the period to reach 1.31 million. This represented a market share of 60.3%. Contract subscribers accounted for 26% of the operator’s installed base, and revenues increased to KD50.4 million, with net profit coming in at KD24.6 million. Fastlink, MTC’s operation in Jordan reported 1.26 million subscribers at the end of March, up 30% year on year. Revenues there amounted to KD32.11 million while net profit came in at KD9.34 million. In Bahrain, MTC reported its subscriber base reached 136,000, while in Iraq; the operator’s Atheer operation recorded 345,906 users end-March. MTC also holds a management contract to operate one of Lebanon’s two GSM networks, and reported that the operation was servicing 446,202 users at the end of March. Commenting on the results, Saad Al-Barrak said that coupled with the recent Celtel acquisition, MTC’s reach would expand to cover 9.5 million users across Middle East and Africa.

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