KUWAIT CITY, March 20: VIVA, Kuwait’s fastest-growing telecom operator, today held its Annual General Meeting (AGM) at the Regency Hotel in Bida’a, Kuwait. The AGM approved the company’s financial results for the year ended Dec 31, 2012 as well as approving the auditors’ report. The AGM also approved VIVA’s balance sheet and profit and loss accounts for the financial year ended Dec 31, 2012.
Adel Al Roumi, Chairman of the Board, said: “2012 have been a milestone year for VIVA on many levels, not least delivering profitability for the first time since we began our commercial operations in the fourth quarter of 2008, and expanding our customer base at record speed.

Consistent
“Our performance this year reflects our consistent hard work and dedication in an exceptionally competitive market. In 2012, VIVA recorded a net profit of KD 3.9 million (earnings per share 7.74 Fils), compared to KD 14.4 million in losses (loss per share 28.85 Fils) in 2011. Also in 2012, we achieved an operating cash flow of KD 32.9 million in 2012, compared to KD 72,000 in 2011, reinforcing the company’s financial solvency and credit position and creating greater trust and confidence in the company and its strategy by its creditors and financing institutions.

“These excellent results represent a tipping point in the company’s development, and reflect the many other record breaking achievements VIVA routinely delivered over course of the year.” Al Roumi also responded to questions regarding the Ministry of Commerce’s reservations, saying that these are being addressed and are within the company’s business plans. Regarding the listing of VIVA’s shares on the Kuwait Stock Exchange, Al Roumi confirmed that the company had applied for listing from the Capital Market Authority (CMA) on Feb 16, 2012 and is awaiting the CMA’s response on this.

Al Roumi said that VIVA has appointed an Islamic Sharia Committee for the company in accordance with Article 15, under the shareholding companies’ law number 25 for the year 2012. Salman Bin Abdul Aziz Al-Badran, VIVA’s Chief Executive Officer said: “In light of the fierce competition in the telecom sector in Kuwait, we are very pleased with the sustained and unprecedented growth in our customer base, from almost one million customers at the end of 2011 to 1.6 million customers by the end of 2012. As a result, our overall market share has grown to 29 per cent from 20 per cent at the end of 2011, which represents an overall increase of 55 per cent, when compared to the same period last year.

We will continue to invest in our staff, and in the infrastructure and technologies that have distinguished VIVA from its competitors, to assist us to continue to maintain the pace of our development. Abdulaziz Abdullah Al Qatie, Chief Financial Officer said: “VIVA has exceeded expectations in terms of attracting more customers in 2012, which has been reflected in our revenues and profits, and we are cautiously optimistic that this trend can be continued in the year ahead.”

The AGM’s attendance represented 50.07% per cent of the number of ordinary shares of the company. This does not fulfill the quorum for the AGM, in accordance with the Ministry of Commerce’s regulations, which requires the presence of 75% of the company’s shareholders. Therefore, a date to discuss the agenda for an Extraordinary General Assembly will be agreed in the coming two weeks. VIVA has recorded a number of achievements this year, marking the company’s progress and growth. These include market leading products like HTC’s innovative Windows 8X phone, Nokia’s top of the range Lumia 920, Samsung’s Galaxy Note II and Galaxy SIII smartphones all with a wide range of unique service packages. Towards the end of the year, VIVA officially launched the iPhone 5, with a bespoke range of well-priced and practical packages for all uses.

Throughout 2012, VIVA continued its investment in infrastructure technology, enhancing its services with 4G LTE and ensuring that the company continued its lead as Kuwait’s fastest growing telecommunication service provider. One of VIVA’s many service innovations over the year was the launch of VIVA Elite, a concierge service for our customers which is unique amongst telecommunication companies in Kuwait. This service provides customers with assistance by phone for a wide range of different services, including help with travel bookings, hotel and restaurant reservations, and courier services.

To find out more about VIVA’s latest competitive promotions, products and packages, visit any of VIVA’s 14 branches, or visit the VIVA website www.viva.com.kw.