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Wataniya Telecom Revenues Jump 35% - Profits Surge on Tunisiana Acquisition

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Kuwait based Wataniya Telecom has reported its first quarter profits jumped to KD 285.1 million (USD1.03 billion) compared to KD 16.2 million (USD58.7 million) a year ago. The figure was boosted by a one off gain of KD 265.5 million (USD961.5 million) recorded due to revaluation of existing held interest in Tunisiana following the increase in the shareholding from 50 percent to 75 percent.

Revenues for Q1 2011 amounted to KD 169.8 million (USD615.0 million), compared with KD 125.7 million (USD455.1 million) for the same period in 2010, amounting to growth of 35.1 percent.

The net profit without the one-off gain was KD 19.6 million (US$71.1 million), a more modest increase of 21.2 percent on the same period of 2010.

HE Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented: "The first quarter of 2011 was another successful period for Wataniya Telecom showing continuous growth in customers, revenue and EBITDA. We concluded the increase in shareholding of Tunisiana from 50 percent to 75 percent, thus permitting this entity to be fully consolidated into NMTC. In Q1 2011 Wataniya Telecom has seen an increase in revenue of 35.1 percent and EBITDA by 57.5 percent compared with Q1 2010."

The total customer base increased to 16.6 million at the close of Q1 2011, versus 15.8 million at the same period in 2010, amounting to growth of 5.6 percent.

Tunisiana - Tunisia

The Tunisiana customer base at the end of Q1 2011 stood at 5.98 million customers: an increase of 10.8 percent on the same period 2010. Revenues for the first quarter 2011 were KD 44.7 million (USD161.7 million), compared to revenues for the same period in 2010 of KD 26 million (USD94.2 million). EBITDA for Q1 2011 was KD 24.1 million (USD87.2 million), representing an increase of 77.2 percent.

The total net profit stood at KD 9 million (USD32.6 million) an increase of 47.5 percent when compared with KD 6.1 million for the same period in 2010. The Net Attributable Profit to Wataniya Telecom for the first quarter 2011 was KD 6.8 million (USD24.5 million).

Nedjma - Algeria

The Nedjma customer base at the end of Q1 2011 was 8.08 million customers. Revenues for Q1 2011 were KD 50.5 million (USD182.9 million), an increase of 33.6 percent. EBITDA for Q1 2011 was KD 19.1 million (USD69.2 million), an increase of 46.9 percent, while the total net profit for the first quarter of 2011 was KD 5.2 million (USD18.9 million) compared to a total net loss of KD 0.9 million (USD3.4 million) for the same period in 2010. The Net Attributable Profit to Wataniya Telecom for Q1 2011 was KD 3.7 million (USD13.4 million) compared to a Net Attributable Loss of KD 0.7 million (USD2.4 million) for the same period in 2010.

Bravo - Kingdom of Saudi Arabia

Bravo's customer base was 0.21 million at the end of Q1 2011, an increase of 4.6 percent from the same period of 2010. Revenues for Q1 2011 decreased to KD 5.0 million (USD18.1 million) from KD 5.5 million (USD19.9 million) for the same period in 2010. The total Net Loss for Q1 2011 was KD 2.1 million (US$7.7 million) compared to a total Net Loss of KD 1.7 million (USD6.2 million) for the same period in 2010. The Net Attributable Loss to Wataniya Telecom for the first quarter 2011 was KD 1.2 million (USD4.3 million), compared to the loss of KD 0.9 million (USD3.4 million) for the same period in 2010.

Wataniya - Maldives

Total customers at end of Q1 2011 were 0.12 million. Revenues were KD 2.8 million (USD10.0 million) for Q1 2011 compared to KD 2.4 million (US$8.6 million) for the same period 2010. EBITDA for Q1 2011 was KD 0.8 million (US$2.7 million) compared to an EBITDA of 0.4 million (USD1.4 million) for the same period in 2010. The Net Attributable Loss for the first quarter 2011 was KD 0.2 million (USD0.7 million) compared to the loss of KD 0.6 million (USD2.1 million) for the same period in 2010.

Wataniya - Palestine

Total customers at end of Q1 2011 were 0.39 million. Revenues were KD 4.3 million (USD15.7 million) for Q1 2011 compared to KD 1.1 million (US$4.0 million) for the same period 2010. EBITDA for Q1 2011 was KD -0.2 million (US$-0.7 million) equal to the same period in 2010. The Net Attributable Loss for the first quarter 2011 was KD 1.2 million (USD4.4 million) compared to a loss of KD 2.5 million (USD8.9 million) for the same period in 2010.

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Tags: wataniya telecom  tunisiana  nedjma  Kuwait  Tunisia  Maldives  Palestinian Territory