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Wataniya reports profits surge

Kuwaiti telco Wataniya’s profits rose 39% last year, driven by new subscribers to its overseas operations.

Kuwaiti telco Wataniya’s profits rose 39% last year, driven by new subscribers to its overseas operations.

The operator said that income for 2006 was US$251.8million, compared to US$181million the year before.

“As Wataniya Telecom’s operations mature, we continue fulfilling our promise to deliver, year on year, strong consolidated growth and improved profitability,” said Faisal Al Ayyar, chairman of Wataniya Telecom.

“Our success in 2006, which gained recognition from regional as well as international industry and financial communities alike, remains driven by a solid strategy that takes us into high potential markets while differentiates us as the leaders in innovation in our existing ones,” he added.

The telco’s subscriber base was just short of ten million at the end of last year, up 56% on the end of 2005.
Wataniya has mobile phone subsidiaries in Iraq, Tunisia, Saudi Arabia, Algeria and the Maldives.