MTC Group Reports Record Earnings

MTC Group has reported that its revenues exceeded US$2.92 billion during the first nine months of 2006, an increase of 115% relative to the same period in 2005. Net income was USD 767.46 million. MTC says that its performance figures have been driven by organic growth, new license awards, and acquisitions over the past three and a half years since the company embarked on its profitable expansion strategy.

Mr. Asaad Ahmed Al-Banwan, Chairman of MTC commented, "While MTC's EBITDA was KD 416.57 million (USD 1.43 billion) showing a great deal of Group operating efficiencies and synergies during this growth phase, and a testament to our management of a company of this size with operations at various stages of their life cycles,"

"The acquisition of the shares we did not own in Mobitel, Sudan (61%) in February coupled with the 65% of Vmobile, Nigeria that we recently concluded have significantly enhanced our portfolio with strong cash generating and high growth operations. We are continuously on the look out for new profitable opportunities. The kingdom of Saudi Arabia has launched a process that will lead to a 3rd license award and we will participate. We are also evaluating a couple of smaller opportunities in Africa."

MTC Group is serving a growing customer base of 24.9 million customers in the Middle East and Africa, reflecting a year-on-year increase of almost 100% due to organic growth and acquisitions.

*MTC acquired Madacom in December 2005. ** MTC acquired V-Mobile in May 2006."

Posted to the site on 19th October 2006