Home / Wataniya records US$37.8 million net profit in 1Q06

Wataniya records US$37.8 million net profit in 1Q06

Active subscriber numbers rose to 7.123 million at the end of March, up 11% quarter on quarter. In Kuwait, revenues amounted to US$141.5 million, up from US$123.7 million a year earlier.

Kuwait’s Wataniya Telecom has reported a net profit of US$37.8 million in the first quarter of 2006 to end-March. Revenues over the period amounted to US$360.4 million, up 7% quarter on quarter and 44% year on year.

Active subscriber numbers rose to 7.123 million at the end of March, up 11% quarter on quarter. In Kuwait, revenues amounted to US$141.5 million, up from US$123.7 million a year earlier. Net profit amounted to US$42.9 million, a decrease of 16% year on year, in part as a result of a loss occurred in a portfolio of securities owned by Wataniya.

In Tunisia, Wataniya’s Tunisiana operation counted 2.38 million subscribers at the end of March and recorded revenues of US$92 million, up 38% year on year. Net profit stood at US$2.4 million, while in Iraq, Wataniya’s AsiaCell operation counted 2.04 million subscribers and a net profit of US$7.5 million.

Nedjma in Algeria increased its active subscriber base to 1.67 million and recorded revenues of US$42.9 million during the quarter and reported an overall loss of US$23.1 million. In Saudi Arabia, Wataniya’s Bravo push-to-tall operation Bravo counted 18,706 subscribers and a loss of US$2.4 million.

In the Maldives, subscribers reached 57,876 at the end of March, revenues US$3.4 million and a loss of US$2.4 million.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.