Wataniya International records 40% rise in net profit in 2005

Wataniya has operations across Kuwait, Tunisia, Iraq, Algeria, Saudi Arabia and the Maldives, and has announced consolidated net profit amounting to KD52.8 million (US$180 million) for 2005.

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By  Tawanda Chihota Published  February 19, 2006

Kuwait operator Wataniya Telecom has announced consolidated net profit amounting to KD52.8 million (US$180 million) for 2005, a rise of 40% compared to the year before. Revenues in 4Q05 amounted to KD99.3 million, up 46% year-on-year, with the total number of subscribers having increased to 6.39 million at the end of the year, up from 5.2 million at the end of 3Q05. Net profit for 4Q05 alone amounted to KD13.7 million. Wataniya has operations across Kuwait, Tunisia, Iraq, Algeria, Saudi Arabia and the Maldives, with the number of subscribers in its home market reaching 945,811 at the end of the year, and net profit amounting to KD70.4 million for the year. Tunisiana, the operator in Tunisia in which Wataniya holds a 50% stake, recorded net profit of KD6 million for the year and ended 2005 with 2.257 million subscribers, which translated to a 42% market share. In Iraq, where the three operators have had their operating licences extended by six months to the end of June, Wataniya’s Asia-cell operation recorded 1.65 million subscribers at the of 2005. The Iraqi operator has now extended its network to the southern part of the country, operating across all three areas in the country. Revenues in 4Q05 amounted to KD19.6 million, up 111% year-on-year, with EBITDA amounting to KD7.9 million. Overall Asia-cell recorded a net loss of KD7 million for the year. In Algeria, Wataniya’s Nedjma operation recorded 1.475 million users, up from 287,000 a year earlier. Revenues in 4Q amounted to KD12.6 million, with a net loss for the year amounting to KD19.8 million. Wataniya’s iDEN operation in Saudi counted 11,806 subscribers at the end of the year, up from 5,062 at the end of 3Q05. In the Maldives, Wataniya reported a subscriber base of 50,162, up from 10,198 in 3Q05.

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