Viva Kuwait 2011 revenue hits $338m
Kuwait, May 10, 2012
Viva, Kuwait’s newest and a leading mobile telecom service provider, has posted an operating revenue of KD94 million ($338.6 million) for 2011.
"We are proud of the tremendous success we have achieved over the past three years, during which time the company has doubled its growth rate,” said Adel Al Roumi, chairman of the board.
“We will continue to invest in our staff and in the infrastructure and technologies that have distinguished VIVA from its competitors and which have allowed us to develop so quickly.”
“Viva has invested in assets worth KD29 million in 2011, which led to a achieving an operating revenue representing 188 per cent of the company’s capital and with operating profit before the deducting the cost of depreciation, amortization expenses and financing expenses totaling KD0.5 million; the company recorded a net loss of KD14 million,” he added.
Regarding the listing of Viva’s shares on the Kuwait Stock Exchange, Al Roumi confirmed that the company had requested to apply for listing from the Capital Market Authority on February 16, and has yet to receive their feedback.
Salman Bin Abdul Aziz Al-Badran, Viva’s chief executive officer said: “In light of the fierce competition in the telecom sector in Kuwait, Viva has been successful in attracting more than one million subscribers on its network in less than three years, attaining 20 per cent of the Kuwaiti telecommunications market share by the end of 2011.”
“I am also pleased to note that over the same period Viva has become the second largest data service provider in Kuwait by providing 'broadband' services through various attractive and innovative smartphone packages.
“I would like to express my appreciation to all the Viva family and our partners, customers and shareholders, who we owe our success in 2011,” added Al-Badran.
Abdulaziz Abdullah Al Qatie, chief financial officer said: “Viva has exceeded its expectations in terms of attracting customers as well as its revenue. We expect to achieve continued growth in revenue, profits, and shareholders rights throughout 2012.” – TradeArabia News Service