Kuwait Telecom Company (Viva), the country’s second largest cellco in terms of subscribers, has announced that its net profit skyrocketed to KWD24.2 million (USD85.68 million) for the twelve months ended 31 December 2013, up from KWD3.9 million reported in 2012, the Kuwait News Agency (KUNA) reports. Adel Al Roumi, chairman of Viva’s board, said: ‘2013 has been another milestone year for Viva on many levels, not least by delivering profitability for the second consecutive year since we began our commercial operations in the fourth quarter of 2008, and by expanding our customer base at record speed. Our performance in 2013 reflects our consistent hard work and dedication in an exceptionally competitive market. During the year we delivered a solid performance with revenues of KWD182.4 million, which reflects strong revenue growth of 33%, when compared to the year before. This has resulted in a net profit of KWD24.2 million and compares to net profit of KWD3.9 million in 2012. These results illustrate our continued upward trend as well as enabling us to achieve positive shareholder equity of KWD9.6 million.’
During the Annual General Meeting (AGM), Al Roumi also confirmed that the company applied to the Capital Market Authority (CMA) for permission to list on the Kuwait Stock Exchange on 16 February 2012, but is still awaiting the CMA’s decision.