Kuwait's Wataniya Telecom Chalks US$341 Million 9-Month Profit

Wataniya Telecom (National Mobile Telecommunications Company KSC) is pleased to announce 3rd Quarter 2009 financial results. The Company has posted a consolidated net profit of US$341 million for the first nine months of 2009, an increase on the US$238.9 million for the same period in 2008. This equates to a consolidated earnings per share of 55 cents, an increase on the 39 cents per share earned for the same period last year. EBITDA for the first nine months of 2009 stood at US$497.3 million) compared with an EBITDA of US$523.9 million for the same period in 2008. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Wataniya Telecom commented: “Wataniya Telecom successfully enhanced profitable returns to its shareholders in the first nine months of 2009, despite ongoing competitive pressures in its home market in Kuwait. We continue to deal effectively with these pressures, with the launch of new and compelling offers to our customers not only in Kuwait but also in our other markets. As a Group, our presence and our growth has remained strong, with our customer base expanding to stand today at over 12.5 million.” - ArabTimes