Telecoms operator sees revenue increasing faster than operating costs during fourth quarter of 2014
Viva Kuwait, which listed on Kuwait's bourse last December, reported a 17 percent rise in fourth-quarter profit on Wednesday as revenue increased faster than operating costs.
Viva, an affiliate of Saudi Telecom Co (STC), made a profit of 11.08 million dinars ($36.85 million) in the three months to Dec. 31, according Reuters calculations based on company statements.
That compares with a profit of 9.49 million dinars in the prior-year period.
Viva's aggressive pricing enabled it to rapidly build up market share since launching in December 2008 and it is now Kuwait's No.2 operator by subscribers, according to market leader Zain.
Ooredoo Kuwait, majority-owned by Qatar's Ooredoo , has slipped to third, Zain's financials show.
Viva's fourth-quarter revenue was 64.87 million dinars. This compares with revenue of 52.99 million dinars in the prior-year period, according to Reuters data.
The company's 2014 net profit was 40.36 million dinars, up from 24.25 million dinars in 2013, it said in a statement.
Full year revenue rose 31 percent to 238.97 million dinars in 2014, while operating costs increased 8 percent to 126.26 million dinars.