Wataniya net profit surges
Profits and revenue shoot upwards at the rapidly expanding Kuwaiti mobile operator.
Wataniya Telecom, the Kuwait-based mobile services operator, has reported net profit of KD33.1 million (US $112.6 million) for 2003, a rise of 63% year on year. Revenue reached KD160.4 million (US $545.2 million), 87% up on 2002.
The numbers include Wataniya’s Tunisian subsidiary, Tunisiana, in which it has a 50% stake.
2003 saw continued growth in Wataniya’s domestic market, where its user base reached 770,000 people. Outside Kuwait, the company picked up new operating licenses in Iraq and Algeria.
“Wataniya Telecom has embarked on a strategy of investing in new technologies that bring value added services to its subscribers and this has consolidated our firm leadership in the Kuwaiti market Wataniya Telecom,” said the company’s chairman, Faisal Al Ayyar.
“The Tunisia and Iraq operations have added considerably to the growing reputation of Wataniya Telecom as a proven regional market player. Now, with the strong potential of the Algeria market supported by Wataniya Telecom’s operational expertise and track record of efficient management and resources, we have become a major telecom player in the Middle East and North Africa.”