VIVA announces net profits of KD 40.3 million in 2014
Revenue of KD 239 million reflecting revenue growth of 31%
VIVA, Kuwait’s fastestgrowing telecom operator, yesterday announced operational profits of KD 45.1million at the end of the 2014, and net profits of KD 40.3 million, a 66 percent increase compared to 2013.
Adel Al Roumi, Chairman of the Board, said: “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. Post listing, the company continued to build itself and with God’s grace, fulfilled its promise to its stakeholders.”
“Our strong performance in 2014 reflects our consistent hard work and dedication in an exceptionally competitive market. During the year we delivered a solid performance with revenues of KD 239 million, which reflects strong revenue growth of 31 percent, when compared to the year before. This has resulted in a net profit of KD 40.3 million, (earnings per share of 81 fils) in comparison to net profit of KD 24.2 million in 2013, earnings per share. These results illustrate our continued ascending direction, which enables us to achieve positive shareholder equity at 421 percent.”
“These excellent results represent a great leap in the company’s development, and reflect the many other record breaking achievements VIVA consistently delivered over course of the year,” concluded Al-Roumi.
Eng Salman Bin Abdul Aziz AlBadran, VIVA’s Chief Executive Officer said: “VIVA was able to gain 33 percent of the market share as the second largest operator in Kuwait 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.”
“In response to the increase in our customer base, we also expanded our commercial presence across Kuwait to 53 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.”
Al-Badran concluded: “I would like to express my appreciation to the whole VIVA family, including all our employees, our business partners, customers and shareholders, to whom we owe our success.”
Abdulaziz Abdullah Al-Qatie, Chief Financial Officer said: “VIVA’s performance has exceeded all expectations in terms of attracting more customers and achieving revenues, which enhanced the financial performance of the company. This reflected positively on the record-breaking growth of VIVA’s revenues and profits. VIVA’s net profits growth reached 521 percent in 2013 and 66 percent during 2014.” He added: “We will continue the hard work in order to achieve further growth and success next year.”