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Sat 20 Feb 2016 06:23 PM

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Ooredoo Kuwait lifts 2015 dividend despite swinging to Q4 loss

Subsidiary of Qatar's Ooredoo says it made a net loss of $4.7m in the three months to Dec 31

Ooredoo Kuwait lifts 2015 dividend despite swinging to Q4 loss

Mobile operator Ooredoo Kuwait raised its dividend for 2015 despite swinging to a fourth-quarter net loss on Saturday, according to Reuters calculations, resuming a lengthy earnings slump.

The subsidiary of Qatar's Ooredoo competes domestically with Zain and Saudi Telecom affiliate Viva. It recorded higher earnings in the third quarter but has still reported falling profits in 12 of the previous 16 quarters.

Ooredoo Kuwait made a net loss of 1.4 million dinars ($4.7 million) in the three months to Dec. 31, Reuters calculated in lieu of a quarterly breakdown, based on the company's annual earnings statement.

This compares with breaking even in the same period of 2014.

Ooredoo Kuwait, which also has operations in Algeria, Tunisia, the Maldives and the Palestinian Territories, said in a statement its board had recommended paying an annual cash dividend of 0.1 dinar per share for 2015.

This compares with a cash payout of 0.070 dinar per share for 2014.

The operator's 2015 profit was 26.7 million dinars, down from 45.7 million dinars in 2014, the statement said.

Full-year revenue was 718 million dinars, down 4 percent on a year earlier, with the company citing foreign exchange losses for the decline.

Its customer base stood at 24 million at the end of 2015, up 3 percent year on year, the statement added.

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