MTC Reports Q1

Kuwait-based service provider reports revenues increased 66% year on year from $818M to $1.36B; net income reached $247M, up 33% from $185M

May 2, 2007

2 Min Read

KUWAIT CITY -- Mobile Telecommunications Company K.S.C (MTC – KSE Ticker: TELE, RIC: TELE.KW, Bloomberg Code: TELE.KK) announces its first quarter of 2007 results reflecting the following:

1st quarter 2007 Highlights

  • Total Active Customers: 29.7 million (as at March 31, 2007)

  • Consolidated Revenues KD 392.5 million (USD 1.356 billion)

  • EBITDA KD 162.8 million (USD 562.6 million)

  • Net Income KD 71.4 million (USD 246.6 million)

  • EPS 38 Fils (USD 0.13)

The MTC Group is serving a growing customer base of over 29.7 million active customers in 20 countries in the Middle East and Africa, reflecting an increase of 95% when compared to the first quarter of 2006. Consolidated revenues increased 66% from $818 million to $1,356 million; EBITDA grew from $359 million to $563 million, an increase of 57% representing a margin of 42%. Net income reached $247 million, up from $185 million, an increase of 33% over the same period last year representing earnings of USD 0.13 per share, 33% above the EPS for same period in 2006.

"On the back of excellent results for 2006, we are delighted that MTC continues its strong performance in the first quarter of 2007. We have experienced strong customer growth across all our operations in line with our 3x3x3 vision of profitable expansion. Our impressive financial results underscore our achievements to date and we expect this trend to continue MTC will build and add to the successes in recent years as we actively pursue expansion opportunities” said Dr Saad Al Barrak, CEO of the MTC Group.

In January 2007, MTC launched ACE-an implementation strategy to realize the targets of the 3x3x3 vision. ACE seeks to extract superior value from existing assets through three main thrusts: Accelerating the growth in Africa; Consolidating the existing assets; and Expanding into adjacent markets. Based on organic growth and through ACE, MTC’s new goals by the year 2011 are to:

  • Attain a US$6 billion EBITDA

  • Become one of the top 10 mobile operators in the world.

Mobile Telecommunications Co. (MTC)

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