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Wataniya Telecom posts KD 731.1 million revenue Telco chalks KD 76.1m profit in 2013, EPS 152 fils

KUWAIT CITY, Feb 19: Wataniya Telecom (National Mobile Telecommunications Company K.S.C. — Ticker: NMTC) today announced its financial results for the year 2013:

Operational Highlights:
* Total customer base increased to 19.9 million at the close of 2013, versus 19.2 million in the same period in 2012, leading to growth of 3.7%.

* Revenues for the year 2013 amounted to KD 731.1 million ($2.59 billion), compared with KD 724.4 million ($2.57 billion) for the same period in 2012, amounting to an increase of 0.9%.

* EBITDA for the year 2013 was KD 281.3 million ($1.00 billion), compared to EBITDA of KD 300.5 million ($1.07 billion) for the same period in 2012, a decrease of 6.4%.

* The net attributable profit to Wataniya Telecom for 2013 was KD 76.1 million ($269.7 million) compared with KD 75.5 million ($267.6 million) for the same period of 2012.The increase in group profit is despite of a very competitive Kuwaiti market and the Tunisian operation, which has been affected by Tunisia’s difficult economic situation and tax claims pertaining to the previous five years.

* The consolidated earnings per share was 152 fils (54 cents), compared to 151 fils (53 cents) per share earned for the same period last year.

H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented:
“2013 has been a year of challenge and opportunity for the Group. We have continued to make appropriate investment into our assets to reflect the differing economic and market cycles across the Group’s operational footprint. Our investment has meant that despite the challenges faced by markets such as Kuwait and Tunisia, the Group’s revenue increased marginally for the year, EBITDA levels were broadly maintained and net profit increased compared to 2012.” 

He added, “As the operator with the widest 3G network in Algeria, we will continue to pursue our early mover advantage in delivering Mobile Broadband to our Algerian customers.  We have a clear strategy to achieve future growth in the highly competitive Kuwaiti market and we will continue to build on our growth in Tunisia, Palestine and the Maldives.”


The Group’s operational performance can be summarized as follows:
Wataniya — Kuwait
Wataniya Kuwait’s customer base was 1.97 million customers at the end of 2013, a decrease of 3.0% for the same period in 2012. Revenues for the year 2013 were KD 194.9 million ($690.8 million), a decrease of 11.7% compared to 2012 of KD 220.8 million ($782.6 million). EBITDA was KD 52.0 million ($184.3 million) versus EBITDA for the same period in 2012 of KD 84.4 million ($299.1 million), a decrease by 38.4%. Net Profit was at KD 14.8 million ($52.4 million), compared to Net Profit for the same period in 2012 of KD 46.4 million ($164.3 million). Delays in the nationwide delivery of advanced mobile broadband infrastructure and significant competitive intensity due to the introduction of mobile number portability, contributed to lower revenues and customers for 2013. Wataniya has completed the network modernization, and also rolled out the advanced LTE network in Kuwait. Wataniya also launched a number of sales, marketing and customer care initiatives to stabilize its operations and return to growth.


Tunisiana — Tunisia
The Tunisiana customer base at the end of 2013 stood at 7.4 million customers, an increase of 3.2% for the same period 2012. Revenues for the year 2013 were KD 195.2 million ($691.8 million), compared to revenues for the same period in 2012 of KD 201.9 million ($715.6 million), a decrease of 3.3%. EBITDA for the year 2013 was KD 102.2 million ($362.0 million) from KD 108.0 million ($382.8 million) for the same period last year representing a decrease of 5.4%. The total Net Profit stood at KD 37.4 million ($132.4 million) a decrease of 20.0% when compared with KD 46.7 million ($165.6 million) for the same period in 2012. 2013’s consolidated Net Profit includes additional tax of KD 4.7 million ($16.4 m) of Tunisia pertaining to previous five years, which was formally received after Wataniya Telecom completed its 2012 financial report. The Net Attributable Profit to Wataniya Telecom for the year 2013 was KD 28.0 million ($99.3 million), compared to KD 35.2 million ($124.6 million) for the same period in 2012.


Ooredoo — Algeria
The Ooredoo — Algeria customer base at the end of 2013 was 9.5 million customers, an increase of 4.8%. Revenues for the year 2013 were KD 302.7 million ($1.07 billion), an increase of 13.4% compared with revenues of KD 266.9 million ($945.8 million) for the same period in 2012. EBITDA for the year 2013 was KD 123.4 million ($437.4 million), an increase of 17.1% from KD 105.4 million ($373.4 million) for the same period in 2012.The total Net Profit for the year 2013 was KD 57.2 million ($202.6 million) compared to a total Net Profit of KD 27.6 million ($97.7 million) for the same period in 2012. The Net Attributable Profit to Wataniya Telecom for 2013 was KD 40.6 million ($143.8 million) compared to a Net Attributable Profit of KD 19.6 million ($69.4 million) for the same period in 2012.


Wataniya — Palestine
Total customers at the end of 2013 were 0.64 million, an increase of 4.6% from 2012. Revenues were KD 25.3 million ($89.7 million) for the year 2013 compared to KD 23.5 million ($83.3 million) for the same period 2012, an increase of 7.8%. EBITDA for 2013 stood at KD 2.5 million ($9.0 million) which is an increase of 45.4% when compared to the EBITDA of KD 1.7 million ($6.2 million) for the same period in the previous year. The Net Attributable Loss to Watanyia Telecom for the year 2013 was KD 2.9 million ($10.4 million) compared to the loss of KD 3.2 million ($11.4 million) for the same period in 2012.


Wataniya — Maldives
Total customers at the end of 2013 were 0.25 million, an increase of 41.5% from the same period 2012. Revenues for the year 2013 were KD 12.9 million ($45.8 million) compared to KD 11.2 million ($39.7 million), an increase of 15.4% over the same period in 2012. EBITDA for the year 2013 increased 14.8% to KD 3.0 million ($10.5 million) compared to an EBITDA of 2.6 million ($9.2 million) for the same period in 2012. The Net Attributable Loss to Watanyia Telecom for 2013 was KD 2.0 million ($7.0 million) compared to the loss of KD 2.2 million ($7.9 million) for the same period in 2012.
The KD to $conversion rate used is 0.28219 as of Dec 31, 2013.

For more information please visit www.wataniya.com

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