MTC's US$636 million show of strength

At the end of 2005, the operator counted a subscriber base of 14.04 million active subscribers in 19 countries across the Middle East and Africa region. This represented a 340% growth rate over the previous year.

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By  Tawanda Chihota Published  February 22, 2006

Kuwait’s leading mobile operator MTC has reported consolidated net income of KD185.2 million (US$636 million) for the 12 months to end-2005. Consolidated revenues over the period amounted to US$1.98 billion, resulting in an EBITDA margin of 58%. EBITDA amounted to KD333.83 million. At the end of 2005, the operator counted a subscriber base of 14.04 million active subscribers in 19 countries across the Middle East and Africa region. This represented a 340% growth rate over the previous year. Having acquired pan-African operator Celtel International in March 2005, by the end of the year the African operator’s contribution to MTC’s total revenues amounted to 35%, while Kuwait and Jordan contributed 35% and 23%, respectively. At the end of the year, MTC’s Middle Eastern operations managed 37% of the overall customer base, with Jordan accounting 14% of the Group’s base. Celtel’s share of 63% is set to increase, as the African continent remains one of the fastest growing in the world. “Profitable growth is one of our primary goals and objectives. We are improving our operations by focusing on financial and operational efficiencies, commented MTC managing director Saad Al Barrak. “Through its size and expanded operational footprint, MTC is now able to lever synergies, resources, and competencies within the Group and capitalize on them to realize the dream of becoming a leading global player.”

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