SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community
 
| More

TMCNet:  Wataniya Telecom posts KD 75.5m net profit [Arab Times (Kuwait)]

[February 17, 2013]

Wataniya Telecom posts KD 75.5m net profit [Arab Times (Kuwait)]

(Arab Times (Kuwait) Via Acquire Media NewsEdge) KUWAIT CITY, Feb 16: Wataniya Telecom (National Mobile Telecommunications Company K.S.C. - Ticker: NMTC) today announced its financial results for the year 2012.

Operational Highlights: * Total customer base increased to 19.2 million at the close of 2012, versus 17.8 million at the same period in 2011, amounting to growth of 7.8%.

  * Revenues for the year 2012 amounted to KD 742.5 million ($2.64 billion), compared with KD 726.6 million ($2.58 billion) for the same period in 2011, amounting to growth of 2.2%.

  * EBITDA for the year 2012 was KD 299.4 million ($1.06 billion), compared to EBITDA of KD 314.2 million ($1.12billion) for the same period in 2011.

  * The consolidated Net Profit was at KD 75.5 million ($268.5million), compared to Net Profit for the same period in 2011 of KD 362.1 million ($1.29 billion). Net Profit for the year 2011 includes a fair value gain of KD 265.3 million ($943.5 million) recorded due to revaluation of existing held interest in Tunisiana following the increase in the shareholding from 50% to 75%. The Net Profit for the year 2011 without the fair value gain was KD 96.8 million ($344.2 million).



  * Net Profit for 2012 was adversely impacted by various factors including competitive pressure in Kuwait, foreign exchange movements in Algeria and Tunisia and an impairment charge for a Build-Operate-Transfer ("BOT") operation in 2012.

  * The consolidated Earnings per Share was 151fils ($54 cents), compared to723fils ($2.6) per share earned for the same period last year. Excluding revaluation gain the Earnings per Share in 2011 was 193 fils ($69 cents) a decrease in 2012 by 21.8% compared with 2011. H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented:  "From a strategic standpoint, 2012 has been a successful year as we position ourselves for the future. Wataniya Telecom increased our stake in Tunisiana from 50% to 75% and we have seen continued efforts of network modernization across our markets with LTE planned for Kuwait and 3G and fixed services roll-out in Tunisia." He added: "While operationally during this period, Wataniya Telecom has seen stable revenue growth of2.2%, foreign exchange impacts again impacted profitability and competitive dynamics in Kuwait remain challenging. I look forward to 2013 as efforts already underway in our markets will begin to drive positive and sustainable results for Wataniya Telecom." Sheikh Abdullah Al Thani also declared that that after a board meeting last Thursday, 14 Feb, the Board recommended a cash dividend increase of 125% of the nominal value of shares, of which one hundred and twenty-five fils (125%) per share for one, putting into consideration that this recommendation is subject to the approval of the shareholders and the competent authorities. Review of Operations The Group's operational performance can be summarized as follows: Wataniya Kuwait Wataniya Kuwait's customer base increased to 2.03 million customers at the end of 2012, an increase of 3.8% onthe same period 2011. Revenues for the year 2012 were KD 220.8 million ($785.3 million), decrease of 9.4% compared torevenues for the same period in 2011 of KD 243.6 million ($866.4 million). EBITDA for the year 2012 was KD 84.4 million ($300.2million) compared to EBITDA for the same period in 2011 of KD 111.1 million ($394.9 million), a decrease by24.0%. Net Profit was at KD 46.4 million ($164.9million), compared to Net Profit for the same period in 2011 of KD 328.1million ($1.2billion).

Net Profit for the year 2011 includes a fair value gain of KD 265.3 million ($943.5 million) recorded due to revaluation of existing  50% held interest in Tunisiana following the increase in the shareholding from 50% to 75%.

The Net Profit for 2011 without the fair value gain, and after amortization of intangibles arising from the Tunisiana acquisition was KD 62.8.million ($223.2 million). Tunisiana Tunisia The Tunisiana customer base at the end of2012 stood at 7.19million customers, an increase of 8.6% on the same periodin 2011. Revenues for the year2012 were KD 201.9 million ($718.1 million), compared to revenues for the same period in 2011 of KD 210.0 million ($746.7 million). EBITDA for the year 2012was KD 108.0 million ($384.2 million) from KD 118.8 million ($422.5 million) for the same period last year representing a decrease of 9.1%.

The total Net Profit stood at KD 46.7 million ($166.2 million) a decrease of 11.4% when compared with KD 52.7million ($187.6 million) for the same period in 2011. The Net Attributable Profit to Wataniya Telecom for theyear2012 was KD 35.2 million ($125.1 million), compared to KD 39.6 million ($140.7 million) for the same period in 2011.Foreign exchange movement in 2012 had an adverse impact on Tunisiana's performance with the TND/$rate 11.1% unfavourable compared to 2011. Nedjma-Algeria The Nedjma customer base at the end of 2012 was9.06 million customers, an increase of 6.5%compared to the same period last year. Revenues for the year 2012 were KD266.9 million ($949.1 million), an increase of 19.3% compared with revenues of KD 223.7 million ($795.6 million) for the same period in 2011. EBITDA for the year 2012 was KD 105.4 million ($374.7 million), an increase of 26.7% on KD 83.2 million ($295.8 million) for the same period in 2011.

The total Net Profit for the year 2012 was KD 27.6 million ($98.1 million) compared to a total Net Profit of KD 14.4 million ($51.4 million) for the same period in 2011. The Net Attributable Profit to Wataniya Telecom for 2012 was KD 19.6 million ($69.6 million) compared to a Net Attributable Profit of KD 10.3 million ($36.5million) for the same period in 2011. Foreign exchange movements in 2012 impacted Nedjma's performance with the DZD/$rate 6.5% unfavorable compared to 2011. Wataniya Palestine The total customer base at end of 2012 was 0.61 million, an increase of 31.2% from the same period of 2011. Revenues for the year 2012 were KD 23.5 million ($83.6 million),an increase of 13.9% compared to the revenues of KD 20.6 million ($73.4 million) in the year 2011. EBITDA for 2012 was KD 1.7 million ($6.2 million) in the year 2012, compared to an EBITDA of KD 1.0 million ($3.7 million) for the same period in 2011.

The total Net Loss for the year 2012 was KD 6.7 million ($23.7 million) compared to a total Net Loss of KD 7.2 million ($25.6 million) for the same period in 2011. The Net Attributable Loss for the year 2012 was KD 3.2 million ($11.5 million) compared to a Net Attributable Loss of KD 3.5 million ($12.4 million) for the same period in 2011. Bravo – Kingdom of Saudi Arabia Bravo's customer base was 0.16 million at the end of 2012, 5.2%increase from the same period of 2011. Revenues for the year 2012 decreased to KD 18.2 million ($64.6 million) from KD 19.3 million ($68.6 million) for the same period in 2011. The total Net Profit for the year 2012 was KD 0.6 million ($2.1 million) compared to the total Net Loss of KD 10.7 million ($38.2 million) for the same period in 2011. The Net Attributable Profit to Wataniya Telecom for 2012 was KD 1.3 million ($4.6 million), compared to a Net Attributable Loss of KD 6.0 million ($21.3 million) for the same period in 2011. Wataniya Maldives The total customer base at end of 2012 was0.18 million, an increase of 22.5% from the same period of 2011. Revenues were KD 11.2 million ($39.8 million) for the year 2012 compared to KD 9.4 million ($33.4 million) for the same period 2011. EBITDA for the year 2012 was KD 2.6 million ($9.2 million) compared to an EBITDA of KD 1.6 million ($5.8 million) for the same period in 2011. The Net Attributable Loss for 2012 was KD 2.2 million ($7.9 million) compared to the Net Attributable Loss of KD 2.7 million ($9.7 million) for the same period in 2011.

  For more information please visit www.wataniyatelecom.com (c) 2013 Arab Times Kuwait English Daily. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company

[ Back To middleeast.tmcnet.com.com's Homepage 's Homepage ]






Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved | Privacy Policy