VIVA posts KD 10.4 mln net profit in Q1
Total revenues grow 20% to KD 66.5 mln; customer base soars to 2.51 million
KUWAIT CITY, May 3: VIVA, Kuwait’s fastestgrowing telecom operator, announced the financial results of the first quarter of 2015, achieving a solid performance on all business levels. These results reaffirm the company’s commitment to offering high quality services to clients and improving operational efficiency to provide shareholders with better value and returns.
They also reflect VIVA’s increased contributions toward the progress and development of the telecom industry in Kuwait.
Total revenues reached KD 66.5 million, a 20% growth compared with KD 55.4 million in Q1 2014.
Operating Profit increased by 34% in Q1 2015 to reach KD 12.2 million up from KD 9.1 million in Q1 2014.
Net Profit of KD 10.4 million, an increase of 21% compared with KD 9.1 million in Q1 2014.
Earnings per share were up in Q1 2015, reaching 21 fils compared to 17 fils in Q1 2014.
VIVA’s total customer base increased by 100 thousand subscribers to reach 2.51 million at the end of Q1 2015
Commenting on the financial results, Dr Mahmoud Ahmad Abdulrahman, VIVA’s Chairman, said: “I am pleased to announce that VIVA continued to deliv- er solid and excellent performance at the beginning of another year. These financial results reflect the company’s hard work and the dedication of the board of directors, the executive management and employees reaffirming our commitment to achieving excellent outcomes in an exceptionally competitive telecom market in Kuwait.” He added: “The company was able to deliver outstanding results in revenues and profitability, and maintained our excellence in guaranteeing cash flows and positive returns for our shareholders, driven by our commitment to improving the quality of customer service and our operational efficiency.”
Eng Salman Bin Abdulaziz AlBadran, VIVA’s Chief Executive Officer said: “We are glad to have ushered in 2015 with these strong financial results. We were able to uphold our leading edge in customer service, which had a positive impact on our strong financial performance and improved our market share.
This also helped us establish our position as the second largest telecom operator in Kuwait with our customer base reaching 2.51 million subscribers.
We are looking forward to playing a central role in providing smart capabilities and harness telecom solutions to provide the latest and most advanced services to our customers.”
Adding: “The solid performance of revenues and operational efficiency contributed to the improved profitability. VIVA recorded a revenue of KD 66.5 million in Q1 2015 representing an increase of 20% when compared to same period last year. This has resulted in a net profit of KD 10.4 million or earnings per share of 21 fils as compared to a net profit of KD 8.6 million in Q1 2014 (earnings per share of 17 fils).
Abdulaziz Abdullah Al Qatie, Chief Financial Officer said: “VIVA’s performance continued to be steady and strong which enhanced the company’s main financial indicators, and increased its customer base. This has positively impacted free cash flow that reached KD 10.3 million by the end of the first quarter of 2015, reflecting growth of 692% when compared to same period last year.” Al Qatie concluded: “We shall continue to work hard to implement our strategy and improve our competiveness in order to achieve further growth and success in the future.”