HiTS Telecom group suffers FY12 net loss of USD20m

4 Apr 2013

According to an announcement by the Kuwait Stock Exchange (KSE), Kuwait-based HiTS Telecom posted a FY12 net loss of KWD5.75 million (USD20.11 million), compared to earnings of KWD218.7 million in 2011. The board has reportedly recommended withholding dividend payments for 2012, pending shareholder approval.

According to TeleGeography’s GlobalComms Database, the publicly-listed Kuwaiti firm owns a number of mobile network operators across Africa. Through its HiTS Africa arm the company has invested in operations in Tanzania, Equatorial Guinea (both HiTS Telecom), Liberia (Atlantic Wireless [Libercell]), the Democratic Republic of Congo (Sematel). HiTS Telecom Burundi received a GSM licence in January 2008, but saw its concession stripped by the regulator in September 2012. Elsewhere, in 2008 HiTS incorporated HiTS Europe, after acquiring 51% of Spain’s Metrored Movil, which was subsequently renamed HiTS Spain. 2008 also saw the incorporation of HiTS South America.

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