MTC records US$247 million net profit in 1Q

Kuwaiti-based mobile operator MTC has reported that revenues in 1Q07 amounted to US$1.356 billion, with net income amounting to US$247 million for the period.

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By  Ronan Shields Published  May 2, 2007

Kuwaiti-based mobile operator MTC has reported that revenues in 1Q07 amounted to US$1.356 billion, with net income amounting to US$247 million for the period. Consolidated revenues were up 66%, year-on-year, while net income was up from US$185 million a year earlier. EBITDA grew 33% year-on-year to US$563 million, representing an EBITDA margin of 42%. "On the back of excellent results for 2006, we are delighted that MTC continues its strong performance in the first quarter of 2007,” said Saad Al Barrak, CEO of the MTC Group. With its regional operations currently spanning 20 countries, the MTC Group claimed its subscriber base swelled by 95% year-on-year to 29.7 million. Additionally, the company highlighted its recent acquisition of the third mobile licence in Saudi Arabia for US$6.12 billion and outlined its vision of establishing itself as one of the top 10 mobile operators by 2011. MTC also indicated that it was seeking to expand further into new markets. “Our impressive financial results underscore our achievements to date and we expect this trend to continue. MTC will build and add to the successes in recent years as we actively pursue expansion opportunities,” Al Barrak commented.

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