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Tuesday , September 29 2020

VIVA Q1 net profit rises 2% to KD 10 mln – Revenues reach KD 66.9 million in first quarter

Dr Mahmoud Ahmed Abdulrahman, Chairman – Eng Salman bin Abdulaziz Al Badran, CEO

KUWAIT CITY, May 8: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for the first quarter ended on March 31, 2017; whereby VIVA’s net profit grew to reach KD 10 million recording a growth of 2 percent compared to the same period last year; whereas the revenues in the first quarter in 2017 reached KD 66.9 million. VIVA achieved these results due to a bundle of innovative products and offers launched recently to meet all customers segments’ needs and aspiration, in addition to customer-focused marketing campaigns.

Commenting on the Q1-2017 financial results, Dr Mahmoud Ahmed Abdulrahman, the chairman of VIVA said: “Despite the high competition witnessed in the Kuwaiti Telecom Market, VIVA was able to achieve a growth in the profitability and good levels of revenues, in addition to sustain the operational efficiency that led to generating positive return to our shareholders. The witnessed growth in VIVA’s profits was a result of the approved business strategy to be one of the most developed telecom companies in Kuwait and the region. Also, our positive and key role, as a pioneer telecom company, always contributes in providing smart telecommunications solutions to satisfy our customers’ aspirations and needs.”

He added: “VIVA was able to achieve net profit of KD 10 million (earnings per share of 20 fils) during the Q1-2017 compared to net profit of KD 9.8 million (earnings per share of 20 fils) during Q1-2016. These results achieved by VIVA during the first quarter of 2017 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, Eng Salman bin Abdulaziz Al Badran, VIVA’s CEO said: “Results of Q1-2017 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 has won many awards including “Best Telecommunications Company of the year, Kuwait 2016” by International Finance Magazine in recognition of the telecom firm’s exceptional performance and leadership role through innovative solutions and technology, which serve all the segments in the Kuwaiti market, the “Best Contact Centre Experience”, “Excellence Governance Award”, “VIP Customer Service Award”, ISO/IEC 27001:2013 certification for Information Security Management System, attaining global status by meeting applicable mandatory requirements from two leading entities International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).

In addition VIVA successfully established the first Voice Over LTE (VoLTE) interconnection in the Middle East and North Africa region in partnership with a local network, and was the first telecom company in Kuwait that has successfully tested the fifth-generation “5G” in its lab enabling customers to exchange information and communicate at high speed.”

Al-Badran added: “VIVA has achieved good levels of profitability which improved the company’s financial and operational efficiency. As a result, VIVA recorded revenues of KD 66.9 million during Q1-2017 and achieved net profit of KD 10 million (earnings per share of 20 fils), whereas the operating profit has reached KD 10.7 million during the same period. On the other hand, VIVA customer base has reached 2.3 million at the end March, 2017. 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.

The company managed to decrease its leverage ratio due to its conservative financial policy to reach 0.3x at the end of March 2017 as compared to 0.7x recorded at end of March 2016. 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.”

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