Viva Kuwait posts first profit
Telco reaches ‘tipping point’ in development, says chairman
Kuwait's third mobile operator, Viva Kuwait, posted its first ever profit in 2012. The telco, which is a unit of Saudi Arabia's STC Group, reported a net profit of KD 3.9 million ($13.7m) for 2012, compared to a loss of KD 14.4 million in 2011.
Cash flow increased to KD 32.2 million from KD 72,000 in 2011, and the operator's customer base increased to more than 1.6 million, up more than 60% on the previous year.
Viva's market share increased by 55% year-on-year in 2012 to 29%.
Adel Al Roumi, chairman of the board, Viva Kuwait, said: "2012 has been a milestone year for Viva on many levels, not least delivering profitability for the first time since we began our commercial operations in the fourth quarter of 2008, and expanding our customer base at record speed.
"Our performance this year reflects our consistent hard work and dedication in an exceptionally competitive market.
"These excellent results represent a tipping point in the company's development, and reflect the many other record breaking achievements Viva routinely delivered over course of the year," he added.
Viva Kuwait competes with Zain and Wataniya Telecom.