VIVA reports KD 77.6 mn of revenue for Q1
Company achieves EBITDA of KD 18mn; customer base reaches 2.32 million
KUWAIT CITY, May 10: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for the first quarter ended on March 31, 2018; whereby VIVA’s revenues grew to reach KD 77.6 million recording a growth of 13.9% compared to the same period last year; whereas the net profit reached KD 11.6 million during the first quarter in 2018.
These results reflect VIVA’s focus on achieving superior customer experience, high quality of services, innovative promotions and packages offered to its customers to meet their needs and expectations, inspired by our customer’s confidence which motivates us to provide the best services with the highest possible quality.
Commenting on the Q1-2018 financial results, Dr Mahmoud Ahmed Abdulrahman, VIVA’s Chairman said: “Despite the high competition witnessed in the Kuwaiti telecom market, VIVA was able to achieve 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 revenue of KD 77.6 million during the Q1-2018 compared to revenues of KD 68.1 million during Q1-2017. These results achieved by VIVA during the first quarter of 2018 reflect the efficient business strategy adopted by the company to achieve outstanding results despite of the increasing competition. Also, 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, Engr Salman bin Abdulaziz Al Badran, VIVA’s CEO said: “Results of Q1-2018 came in line with VIVA 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 recently “Best Network Development Award” by 5G MENA, “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, 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 higher revenues of KD 77.6 million during Q1-2018 and achieved net profit of KD 11.6 million (earnings per share of 23 fils) as compared to revenue of KD 68.1 million and profit of KD 11.6 million (earnings per share of 23 fils) recorded during Q1-2017. VIVA achieved an EBITDA of KD 18 million during the Q1-2018 compared to EBITDA of KD 17.6 million during Q1-2017. On the other hand, VIVA customer base has reached 2.32 million at the end of March, 2018.
On his part, Mohammed Bin AbdulMohsen Al-Assaf, VIVA’s CFO, said: “VIVA’s financial results reflected its ability to compete, sustained revenues and maintain its position as the second largest telecom operator in the Kuwaiti market in term of revenues in the telecom sector. VIVA is proud to announce that we’re fully compliant with new IFRS standards namely 15 & 9 effective Jan 1, 2018 with full retrospective approach. This will assist the investor community for better comparability and transparency of the financial figures. 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.”