Wataniya to bolster finances by US$1 billion

The operator also announced its 3Q06 financial results to end-September, reporting consolidated net profit of KD50.1 million (US$172.3 million) for the first nine months of the year, an increase of 22% year on year.

  • E-Mail
By  Tawanda Chihota Published  October 23, 2006

Kuwait’s Wataniya Telecom has mandated BNP Paribas to arrange for a US$1billion, three-year revolving credit facility, with an extension option of two years. BNP Paribas will act as the sole underwriter, arranger and bookrunner in connection with the facility. The facility will be syndicated to a select group of relationship banks. The operator also announced its 3Q06 financial results to end-September, reporting consolidated net profit of KD50.1 million (US$172.3 million) for the first nine months of the year, an increase of 22% year on year. Total active customers increased to 8.84 million at the end of September, up from 5.2 million a year earlier, and representing an increase of 11% quarter on quarter. Revenues for the first nine months grew to KD307.9 million, an increase of 40% year on year, with EBITDA growing to KD133.7 million, up 67% for the same period last year. “We have exceeded a combined subscriber base of 8.8 million by doubling our customers in Algeria and Iraq, more than quadrupling in the Maldives and growing seven-fold in Saudi Arabia compared to the same quarter in 2005,” said Faisal Al-Ayyar, chairman of Wataniya Telecom. ”Our solid reputation and experience in greenfield operations has also won us the bid to build and operate the second mobile telecoms licence in Palestine, a market that we believe has great business potential.” In its home market of Kuwait, Wataniya’s subscriber base increased to over 1 million active customers to end-September, with revenues for 3Q06 amounting to KD45.9 million compared to KD39.6 million in the same period of 2005. EBITDA for the 3Q06 was KD 20.7 million, representing a 45% EBITDA margin. Net profit amounted to KD16.8 million, a decrease of 8% year on year, as portfolio income was lower as compared to 2005. In Tunisia revenues for the three months to end-September 2006 were KD19 million, an increase of 39% year on year. EBITDA was KD 8.1 million, up 50%, with net attributable profit to Wataniya Telecom from the Tunisiana operation amounting to KD2.5 million. Revenues at Asia-Cell in Iraq for the 3Q06 amounted to KD28.9 million, up 66% year on year. EBITDA was KD17.8 million for the period, an increase of 99%. The net attributable profit to Wataniya Telecom from Asia-Cell in the period was KD5 million. In Algeria, revenues came in at KD21.2 million for 3Q06, an increase of 67% year on year. EBITDA was KD 5.5 million, up 100%, with net attributable loss to Wataniya Telecom from Nedjma amounting to KD1.3 million. Wataniya also has operations in Saudi Arabia and the Maldives.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code