VIVA Q1 revenue rises 6% to KD 70.4 mln – Company posts KD 9.8 million in first quarter; customer’s base reaches 2.4 million

This news has been read 7183 times!

KUWAIT CITY, April 24: VIVA, Kuwait’s fastest-growing telecom operator, announced the financial results for the first quarter of 2016. VIVA’s revenue grew by 6% during the first quarter of 2016 to reach KD 70.4 million as compared to the same period in 2015. These results has been achieved due to the high quality services and the diversity of promotions and packages offered by the company that meet the customers’ needs and their expectations by covering all customers segments, as well as the confidence of our esteemed customers which always motivate us to provide them with the best services in line with the highest quality. VIVA’s customers’ base reached 2.4 million by end of March 2016.

Despite the high competition witnessed in the Kuwaiti Telecom Market, VIVA managed through its operational and financial strategy to achieve a net profit of KD 9.8 million (earning per share 20 fils)  during the Q1-2016 as compared to KD 10.3 (earning per share 21 fils) recorded during the same period last year. On the other hand, VIVA’s shareholders equity base increased by 70% to reach KD 102.7 million at the end of Q1-2016 as compared to KD 60.3 million at the end of Q1-2015.

As a continuing strategy, VIVA always seek to provide a high quality of products and services its customers, also to improve the operational efficiency in order to generate better return to its shareholders. In addition to its contribution to the development of the Telecommunications sector in the state of Kuwait through the strengthening of its presence by providing an advanced technology & services and the best offers to its individual and corporate customers.

Commenting on the financial results, Dr Mahmoud Ahmad Abdulrahman, VIVA’s Chairman, said: “I am pleased to announce that VIVA continued to deliver solid performance at the beginning of the year, as a result of the company’s strategy plans; enabling us to provide innovative range of services, products and offers that are in line with technological development and customer needs. These results reflect the hard work and the dedication of the management and employees reaffirming our commitment to achieving excellent outcomes.” He added: “The company was able to deliver outstanding results in revenues and profitability, and maintained our excellence in guaranteeing positive returns for our shareholders, driven by our commitment to improving the quality of customer service and our operational efficiency.”

Eng Salman Bin Abdulaziz Al-Badran, VIVA’s Chief Executive Officer said: “We are pleased to begin this year with these financial results despite the high competition we are witnessing in the Kuwaiti Telecom Market, in addition we are proud that VIVA is from the most advanced telecom companies in Kuwait and the region. We are looking forward to playing a central role in providing smart telecom solutions in order to provide our customers with the best and most advanced services. Adding: “with the high competition, VIVA’s strong performance of revenues contributed to maintain the company’s profitability as a result of company’s financial & operating capacity and efficiency. VIVA recorded a revenue of KD 70.4 million in Q1 2016 representing an increase of 6% when compared to same period last year and this has resulted in a net profit of KD 9.8 million or earnings per share of 20 fils as, while the operating profit reached KD 10.4 million during Q1-2016.

Abdulaziz Abdullah Al Qatie, Chief Financial Officer at VIVA said: “VIVA’s continued the steady and strong operational performance which was reflected in the company’s main financial indicators. The company managed decrease leverage ratio from 1.4x at end of March 2015 to reach a low of 0.7x at end of March 2016. The strong operating performance has positively affected free cash flow to achieve growth of 18% in Q1 2016 compared to the same period in 2015.” He added: “We will continue our hard work in implementing our strategy to increase our competitive edge and achieve further growth and success in the next period.”

This news has been read 7183 times!