VIVA posts net profit of KD 40.3mln for 2014

KUWAIT, March 31 (KUNA) -- The Kuwait Telecommunications Company (VIVA) has posted a net profit of KD 40.3 million (USD 133.9 million) for 2014.
"During the year we delivered a solid performance with revenues of KD 239 million (USD 794.4 million), which reflects strong revenue growth of 31 percent, when compared to the year before," VIVA Board Chairman Adel Al Roumi said in a press statement following the Annual General Meeting (AGM) approved, held Tuesday and approved the company's audited financial results for the year ended 31 December 2014.
"This has resulted in a net profit of KD 40.3 million (USD 133.9 million), (earnings per share of 81 fils or USD 0.27) in comparison to net profit of KD 24.2 million (USD 80.4 million) in 2013, (earnings per share of 49 fils or USD 0.16). These results illustrate our continued positive momentum, which enables us to achieve growth in shareholder equity at 421 percent." He cheered the results as "a great leap in the company's development,", adding that it reflects the many other record breaking achievements VIVA consistently delivered over course of the year.
"2014 was a major milestone for the company after it was successfully listed on the Kuwait stock Exchange, where investors trust in the company was reflected on the share price, which resulted in a return higher than 600 percent at the inception of the company," he said.
Eng. Salman Bin Abdul Aziz Al-Badran, VIVA's Chief Executive Officer said: "VIVA is now the second largest telecom operator in terms of revenues with 32 percent of the total revenues in the Kuwaiti telecom market in 2014, with a customer base of 2.4 million, and network coverage of more than 99 percent of Kuwait's residential areas and other geographically equipped areas. As we continued to invest in our infrastructure and new technologies that differentiate our company from the competition, VIVA was able to achieve growth in operating income before interest, tax, depreciation and amortization (EBITDA), by 72 percent in 2014 when compared to 2013." "In response to the increase in our customer base, we also expanded our commercial presence across Kuwait to 63 outlets by the end of 2014, to be closer to our customers and to meet the growing demand for our products and services. Our success and achievements were also recognized by our industry peers in 2014 as we won several awards for excellence, including the 'Best 4G Package' award at the 2nd Annual Teknotel Awards, the 'Best Mobile Operator' Award from Service Hero, the 'Editor's Choice Award' from Network World Middle East, the 'Best Speech Analytics Implementation' from INSIGHTS - Middle East Call Centre Awards 2014, and last but not least, the 'Best Middle Eastern Operator' at the 2014 Telecom Review Summit Awards." "A consistently important aspect is investing in our human capital, and our commitment to the government's Kuwaitization program remains one of the main pillars of our strategy. As a result of this, 66 percent of our workforce is now Kuwaiti, which is comparatively high when compared to other major companies in the private sector in Kuwait. In addition to our commercial operations, we have a long-standing commitment to supporting the local community. We are consistently involved in the development of many areas in Kuwait's society, including social, health, sports and education." During the annual general meeting, VIVA's shareholders elected a new board of directors. The new board comprises of seven members represented by: Saudi Telecommunications Company, Kuwait Investment Authority, Public Institution for Social Security, Zakat House, STC Gulf Holding Investment, STC Gulf Holding Investment 1, and STC Gulf Holding Investment 3. (end) mfs.aas.ibi