Kuwaiti telco Wataniya appoints new CEO

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Wataniya missed estimates with a 31 percent drop in quarterly profit, mainly because of a decline in domestic income and widening losses in Saudi Arabia.

Wataniya missed estimates with a 31 percent drop in quarterly profit, mainly because of a decline in domestic income and widening losses in Saudi Arabia.

Kuwait's No.2 telecoms operator Wataniya, which has suffered a sustained profit slump, appointed Abdulaziz Fakhroo as its new chief executive on Thursday, its third CEO in less than a year.

Fakhroo, previously the deputy CEO, replaces Bassam Hannoun, who has quit after less than seven months at the helm because of personal reasons, a company statement said.

Hannoun had taken the helm on Sept. 1, replacing Scott Gegenheimer, who quit in June 2012 and now heads rival Kuwaiti operator Zain.

Wataniya, which ended Zain's domestic monopoly in 1999, also has operations in Algeria, Tunisia, the Maldives,Saudi Arabia and the Palestinian Territories.

It has reported declining profits in the past four quarters as a rising customer base failed to offset tougher competition at home and foreign exchange losses. Full-year net profit in 2012 fell 22 percent from a year earlier.

Ooredoo, the rebranded Qatar Telecom, last year paid $1.8 billion to increase its stake in Wataniya to 92.1 percent from 51 percent.

Related:

Market Performance

National Mobile Telecommunications Company - Kuwait
1840.0
0.0 0.0 (%)
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
An Instagram photo is worth a thousand words

An Instagram photo is worth a thousand words

Instagram has become the social media platform of choice for...

1
Fear and roaming in the Gulf

Fear and roaming in the Gulf

The Gulf’s telecommunications giants are once more pushing ahead...

The art of the online video

The art of the online video

As online marketing continues to grow in prominence and importance...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams