KUWAIT, 28 April 2005 — Kuwaiti blue chip National Mobile Telecom Co. (NTMC) said yesterday its first quarter profits rose 11 percent to 12.24 million dinars ($41.6 million).
The telecom service provider also known as Wataniya Telecom said in a statement to the Kuwait Stock Exchange that earnings rose from about 11 million dinars in the corresponding period of 2004.
Earnings per share rose to 28.51 fils from 25.64 fils. There are 1,000 fils per Kuwaiti dinar. “These results are in line with the positive performance of company operations in general as well as the firm’s move and intention to invest in markets with a promising future,” Chairman Faisal Al-Ayyar said in a separate statement.
He pointed to the success of Wataniya’s operations in Iraq, Tunisia and Algeria. Wataniya - which has more than two million customers total - also plans to start up soon in the Maldives.
Wataniya has over 800,000 active users in Kuwait, a country of about 2.7 million people covered also by larger rival Mobile Telecom Co.
Net earnings rose 20 percent year-on-year to a record of 40 million dinars in 2004.
