Kuwait's Wataniya reverses profit decline

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Wataniya, Kuwait's second-biggest telecoms operator, reported a 20 percent rise in second-quarter profit on Thursday, beating analysts' estimates and ending its earnings decline.

The subsidiary of Ooredoo (Qatar Telecom) had reported falling profits in the preceding six quarters. In March it appointed Abdulaziz Fakhroo as chief executive, its third CEO in less than a year.

Wataniya made a net profit of KD22.91m ($80.4m) in the three months to June 30, up from KD19.08m in the same period a year ago, a statement to the stock exchange showed. It did not give further earnings details.

Two analysts polled by Reuters had on average forecast Wataniya would make a quarterly profit of KD20.78m.

In Kuwait, Wataniya competes with Zain and Viva, an affiliate of Saudi Telecom Co, while it also has operations in Algeria, Tunisia, the Maldives, Saudi Arabia and the Palestinian Territories.

In October, Qtel, as Ooredoo was known before rebranding, paid $1.8bn to raise its stake in Wataniya to 92.1 percent from 52.5 percent.

Related:

Market Performance

National Mobile Telecommunications Company - Kuwait
1620.0
-20.0 -1.22 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia accelerates reform push with market opening

Saudi Arabia accelerates reform push with market opening

Stock market move follows labour market reforms and a new mortgage...

Is $50bn wipeout enough to trigger UAE market changes?

Is $50bn wipeout enough to trigger UAE market changes?

That sum is the value wiped off the Dubai and Abu Dhabi stock...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew