Wataniya posts strong gain on Tunisiana revaluation

Kuwait based Wataniya Telecom reported that its first quarter profits to end-March jumped to KWD 285.1 million (US$1.03 billion), up from KWD 16.2 million a year ago. The figure was boosted by a one-off gain of KWD 265.5 million recorded due to revaluation of its existing interest in Tunisiana following the increase in the shareholding from 50 per cent to 75 per cent.

Net profit without the one-off gain amounted to KWD 19.6 million, reflecting an increase of 21.2 per cent year-on-year.

Revenues for Q111 amounted to KWD 169.8 million, up 35.1 per cent.

Wataniya’s total customer base increased to 16.6 million at the end of Q111, up 5.6 per cent.