VIVA reports net profit of KD 28.3 million
Revenues reach KD 204.2 million during first 9 months of 2017
KUWAIT: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for the ninemonth period ended 30 September 2017. VIVA’s revenue in Q3 grew to reach KD 71.2 million recording a growth of 0.7 percent; whereas the revenues during the first ninemonth period in 2017 reached KD 204.2 million. These results reflect VIVA’s marketing, media and advertising vision, in line with the global technology and digital revolution through plans and programs that include modern products and services that meet “more” the needs of customers and reach them anywhere.
Commenting on the nine-month’s financial results ended in 30 September 2017, Dr Mahmoud Ahmed Abdulrahman, VIVA’s Chairman said: “Despite the high competition witnessed in the Kuwaiti telecom market, VIVA was able to achieve a growth in the profitability and sustain the operational efficiency to ensure generating positive return to our shareholders. VIVA achieved these results due to an integrated management approach by a highly professional team that reinforces VIVA’s substantial and positive role as a leading telecommunications company that always provides intelligent communications solutions to satisfy the needs of its customers and meet their needs.”
He added: “VIVA was able to achieve net profit of KD 28.3 million (earnings per share of 57 fils) during the nine month period ended 30 September 2017 compared to net profit of KD 29.0 million (earnings per share of 58 fils) during the same period in 2016. These results achieved by VIVA during the nine-month period in 2017 reflect the efficient business strategy adopted by the company to achieve outstanding results despite of the increasing competition. In addition, VIVA managed to achieve positive earnings for its shareholders as a result of the commitment to elevate the quality of customer service and improving the operational efficiency”.
On his part, Eng Salman bin Abdulaziz AlBadran, VIVA’s CEO said: “Results of the ninemonth period ended 30 September 2017 came in line with VIVA’s goals and boundless ambitions to achieve an increase in its operational revenues and strengthen its leadership in the telecom market. It is noteworthy to mention that VIVA won this year “Speedtest Award Winner 2017 - Kuwait’s Fastest Mobile Network” by Ookla, and it is pioneer in the middle east in providing the latest products and services to its customers among telecom operators in the middle east region, and achieved successfully the establishment of the first Voice Over LTE (VoLTE) interconnection in the Middle East and North Africa region in partnership with local networks, and was the first telecom company in Kuwait that has successfully tested the fifthgeneration “5G” in its lab, which fosters its leadership in providing the latest technology that will enable customers to exchange information and communicate at higher speeds.”
Al-Badran added: “VIVA has achieved good levels of profitability which improved the company’s financial and operational efficiency. As a result, VIVA recorded revenues of KD 204.2 million during the first nine-month period in 2017 and achieved net profit of KD 28.3 million (earnings per share of 57 fils), whereas the operating profit has reached KD 30.1 million during the same period. In addition, VIVA’s customer base has reached 2.2 million at the end of September, 2017.
Mohammed Bin AbdulMohsen Al-Assaf, Chief Financial Officer at VIVA said: “VIVA’s financial results for the period ended 30 September 2017 reflect its ability to compete, sustain revenues and maintain its position as the second largest telecom operator in the Kuwaiti market in term of revenues in the telecom sector. In addition, it fostered the VIVA’s shareholders equity base, which reached about KD 156 million, which reflected the strength and growth of VIVA’s financial position. The company managed to decrease the debt level from KD 56.9 million as at 30 September 2016 to KD 29.4 million as at 30 September 2017, due to its prudent financial policy and its leverage ratio reached 0.19x at the end of September 2017 as compared to 0.47x recorded at end of September 2016”. He added: “We will continue our hard work in implementing our strategy to maintain our competitive edge and achieve further growth and success in the Kuwaiti telecom market through offering innovative products and services in line with the latest technology to meet our customers’ needs.”