Revenues grew by 3% for 9-month period ended September 30, 2016
KUWAIT: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for the nine-month period ended on 30 September 2016, whereby VIVA’s revenues grew by 3 percent to reach KD 211 million compared to the same period in 2015. VIVA achieved these results thanks to the high quality of services, promotions and packages offered to its customers to meet their needs and expectations, inspired by our customers’ confidence. Moreover, VIVA customers’ base reached 2.4 million by end of September 2016.
“Despite the highly competitive Kuwaiti telecom market, VIVA was able to achieve growth in revenues and good profitability levels. In addition, VIVA maintained the operational efficiency that led to generating positive returns to our shareholders during the nine month period of 2016. VIVA witnessed growth in its revenues a result of the company’s strategic plans and efforts to be one of the most developed telecommunications companies in the state of Kuwait and the region, as we always look forward to play a central and significant role in providing smart telecom solutions in order to provide our customers with the best and most advanced telecom services,” said Dr. Mahmoud Ahmad Abdul Rahman, VIVA Chairman.
Following VIVA’s disclosure regarding the board of directors’ discussion for the recent developments of the Internet Service Provider Company (ISP) acquisition, the chairman said: “In line with the strategic plan drawn up by VIVA BoDs’ for expansion in integrated telecommunications and technology solutions, BoD has approved to acquire one of the internet service providing companies which is not listed on Kuwait Stock Exchange”. Also, we would like to highlight that VIVA will take the necessary actions to implement acquisition and obtain the permits and approvals of the concerned regulatory and authority bodies to ensure successful acquisition in all aspects.
Eng Salman Bin Abdul Aziz Al-Badran, VIVA Chief Executive Officer stated: “VIVA continued to achieve growth in operating revenues and strengthen its leadership in the telecom market. It is noteworthy to mention that VIVA has been awarded as “Best Contact Centre Experience” and “Best Network Experience” awarded by INSIGHTS Middle East, and was recently named the “Leading Corporate for Investor Relations in Kuwait” due to the hard work and the dedication of the management and employees and excellent recruitment process to hire experts and professionals, in addition to the highest professional standards in the process of communicating with our shareholders and the investment community. He added: “With the high competition in the Kuwaiti telecom market, VIVA’s strong revenue performance contributed to maintain a good profitability level as a result of the company’s financial & operating capacity and efficiency. VIVA recorded a revenue of KD 211 million for the nine month period of 2016 representing an increase of 3 percent compared to the same period last year and resulted in achieving a net profit of KD 29 million (earnings per share of 58 fils) at the end of September 2016 compared to a net profit of KD 32.9 million (earnings per share of 66 fils) in the same period last year, while the operating profit reached KD 31 million for the nine month period of 2016. On the other hand, VIVA’s shareholders equity base increased by 47 percent to reach KD 122 million at the end of September 2016 compared to KD 83 million at the end of September 2015.
He added: “VIVA endeavors to offer innovative products, services and solutions in the telecom market on a global scale to meet its customers’ expectations and aspirations in Kuwait and provide them with the latest in technology.”
Abdulaziz Abdullah Al-Qatie, VIVA Chief Financial Officer said: “During the nine month period of 2016, VIVA’s financial results reflected its ability to compete and achieve growth in revenues, and maintain its position as the second largest telecom operator in the Kuwaiti market in term of revenues in the telecom sector. The company managed to decrease its leverage ratio due to its conservative financial policy to reach 0.47x at end of September 2016 as compared to 0.95x recorded at end of September 2015.” He added: “We will continue our hard work in implementing our strategy to maintain our competitive edge and achieve further growth and success in the Kuwaiti telecom market through offering innovative products and services in line with the latest technology to meet our customers’ needs.”
VIVA is the fastest-growing telecom operator in Kuwait. Launched in December 2008, VIVA makes things Possible for its customers by transforming communication, information and entertainment experiences. The company has rapidly established an unrivalled position in the market through its customer centric approach. VIVA’s quest is to be the mobile brand of choice in Kuwait by being transparent, engaging, energetic and fulfilling. VIVA continues to take a considerable share of the market by offering an innovative range of best value products, services and content propositions; a state of the art, nationwide network and world-class service. VIVA offers internet speeds of more than 100 Mbps, due to the implementation of the most advanced fourth generation (4G LTE) network in Kuwait resulting in superior coverage, performance and reliability.