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Mon 30 Apr 2007 04:00 AM

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Wataniya 1Q share value soars after Qtel takeover

Kuwaiti-based mobile operator Wataniya Telecom reported consolidated net profit of US$88.4 million for 1Q07 to end March, with its share value rising an equivalent to 283% year-on-year.

Kuwaiti-based mobile operator Wataniya Telecom reported consolidated net profit of US$88.4 million for 1Q07 to end March, with its share value rising an equivalent to 283% year-on-year.

Revenues rose 34% year-on-year to US$315.8 million for the quarter with the company reporting a 43% annual increase in subscribers for the same period, to 7.25 million.

Wataniya, which holds a 45% market share in the Kuwait behind MTC, reported that EBITDA rose 52% year-on-year to US$136.6 million. Wataniya also has stakes in operational companies in Algeria, Tunisia, Iraq, the Maldives and Saudi Arabia, and is preparing to launch in Palestine.

Wataniya officials credited the favourable results to the company’s assimilation into the Qtel group following the Qatari-based company’s acquisition of a 51%majority shareholding in Wataniya Telecom for US$3.72 billon in March 2007.

“While we differentiate ourselves as the leaders in innovation in our markets, our promise remains the commitment to grow the value that Wataniya Telecom offers. Wataniya is now part of a larger Qtel group and the synergies and efficiencies that are expected to be achieved from the enlarged Qtel group will benefit all the Wataniya group companies and will enhance the long term value for the shareholders,” stated Sheikh Abdullah bin Mohammed bin Saud Al Thani, chairman of Wataniya Telecom.

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