KUWAIT: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced its financial results for the nine-month period to September 30, 2015. The company delivered strong performance operational at all business levels with net profit of KD 32.8 million, an increase of 12% compared to the same period last year.
Reaping such results is a testament about VIVA’s constant commitment to providing high quality services to its clients and increasing operational efficiency to create more value and higher revenues to shareholders, and the company’s contribution to the growth and development of the telecom industry in Kuwait.
Nine-month period ended September 2015 financial highlights:
- Total revenues reached KD 204 million, a growth of 17% when compared to KD 174 million in the corresponding period last year.
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Operational profit amounted KD 38 million, an increase of 17%, compared to KD 32 million in nine-month period 2014.
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Net profit reached KD 32.8 million, representing an increase of 12% compared to KD 29.3 million in nine-month period 2014.
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Earnings per share increased during nine-month period 2015 to reach 66 fils compared to 59 fils in nine-month period 2014.
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The customer base has increased by 1% reaching 2.4 million by end of September 2015 compared to the same period 2014.
Dr Mahmoud Ahmad Abdul Rahman, VIVA’s Chairman, commenting on the financial results: “The excellent financial results posted by VIVA, represent groundbreaking achievements consistently delivered throughout the year. This milestone achieved by the hard work and dedication of VIVA’s Board of Directors, senior management, and employees to maintain the highest professional standards in the workplace, while serving the best interests of the company and its valued customers. Our strong performance also reflected our efforts and devotion to achieving excellent results in Kuwait’s competitive telecom market.”
“VIVA was able to generate KD 32.8 million in net profit (earnings per share of 66 fils) in nine-month period 2015 compared to KD 29.3 million (earning per share 59 fils) in the corresponding period last year. These results reveal the solid performance of the company’s revenues and operations through the continued upward trend of financial and operational indicators. This reflected positively on shareholder equity which reached KD 82.7 million, a 113% increase compared to the corresponding period in 2014,” Dr. Abdul Rahman added.
