MTC confirms KD89.9 net income for 1H05

MTC has operations in Kuwait, Jordan, Iraq, Bahrain, Lebanon and 13 African countries, which were added as a result of MTC’s acquisition of Celtel International earlier this year.

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By  Tawanda Chihota Published  August 7, 2005

The board of Kuwait operator MTC has approved the company’s financial and operational results, which saw the firm reporting consolidated revenues of KD226.73 million (US$776.5 million) for the six months to end-June. Net profit for the period amounted to KD89.9 million, with the number of subscribers touching 10.6 million. MTC has operations in Kuwait, Jordan, Iraq, Bahrain, Lebanon and 13 African countries, which were added as a result of MTC’s acquisition of Celtel International earlier this year. “We will continue to look for other promising opportunities in new markets which can provide accretive value to the company and the best possible returns to all stakeholders,” commented Asaad Al-Banwan, MTC chairman. The revenue generated by MTC in 1H05 was up 48.5% year on year, while EBITDA improved by 58% to reach KD140.3 million, representing a margin of 61.9%. Net income was up 49.8% year on year. “We strive to thrust MTC into the heart of the global mobile community with the continuation of our strategy for expansion into new and promising markets, thereby getting closer to achieving our stated goals of meeting our customers’ demands and achieving the best returns for our stakeholders,” said Saad Al-Barrak, MTC deputy chairman and managing director.

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