Wataniya Telecom has posted revenues of KWD368 million (USD1.3 billion) for the first six months of 2012, up 4.5% year-on-year, on the back of total subscriber growth of 8.3% to 18.3 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at KWD154 million, down 1%, while consolidated net income came in at KWD47.4 million compared with KWD322 million last year. However, last year’s net profit included a one-time fair value gain of KWD266 million due to the revaluation of its interest in Tunisiana after Wataniya increased its stake in the subsidiary from 50% to 75%. H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, chairman of Wataniya Telecom, commented: ‘The period saw positive results from our international operations in Algeria and Tunisiana and the successful acquisition of 3G and fixed licenses in Tunisia will result in further investments to achieve our future data strategy. We will continue to develop our strategy in both our domestic and international markets in order to meet the challenges we face and deploy the necessary resources across the Group to ensure we are well positioned to capture future growth.’
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