VIVA records KD 50.4m as a net profit in 2018, a growth of 18%

VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for the full year ended on 31 December 2018; whereby VIVA’s net profit grew to reach KD 50.4 million recording growth of 18 percent compared to the year ended 2017. Whereas the revenues during 2018 reached KD 288 million. These results reflect VIVA’s focus on achieving outstanding customer experience, high quality of services, innovative promotions and solutions to meet its customers’ needs and aspirations, inspired by their confidence which motivates us to provide the best services with the highest possible quality.

Commenting on 2018 financial results, Dr Mahmoud Ahmed Abdulrahman, VIVA’s Chairman said: “Despite the high competition witnessed in Kuwait Telecommunication Market, VIVA was able to achieve good levels of revenues and growth in profitability to sustain the operational efficiency to ensure generating positive return to our shareholders. These results were achieved by an integrated management approach from a highly professional team that promotes VIVA’s substantial and positive role as a leading telecommunications company that always provides intelligent communications solutions to meet its customers’ needs”.

He added: “VIVA has demonstrated its ability to achieve growth in the net profit amid the current fierce conditions in Kuwait Telecommunication sector and the decline in telecom tariffs thus pressurizing the growth of revenues. VIVA managed to achieve net profit of KD 50.4 million (earnings per share of 101 fils) during the FY 2018 compared to net profit of KD 42.8 million (earnings per share of 86 fils) during FY 2017.”

On the other hand, VIVA has enhanced shareholders’ equity base to stand at KD 192 million at the end of 2018 with a growth rate of 22 percent compared to 2017. These results achieved by VIVA during 2018 reflect the efficient business strategy adopted by the company to achieve outstanding results in spite of the increasing competitiveness. Also, VIVA managed to achieve positive earnings for its shareholders as a result of the commitment to elevate the quality of customer service and improving the operational efficiency”. The Board of Directors has recommended distributing cash dividends of 40 fils among the shareholders representing 40 percent of the nominal share value for the year ended 2018 subject to the approval of the Ordinary General Assembly of the company.

On his part, Eng Salman bin Abdulaziz Al-Badran, VIVA’s CEO said: “Results of 2018 came in line with VIVA’s goals and boundless ambitions to achieve an increase in its operational revenues, profitability and strengthen its leadership in the telecommunication market. It is noteworthy to mention that, VIVA has won many awards including “Leading Corporate for Investor Relations in Kuwait” and third in the Middle East by MEIRA, “Best Network Development” in the MENA region presented at the third annual 5G MENA Awards 2018 Ceremony, “Speedtest Award Winner 2017 – Kuwait’s Fastest Mobile Network” by Ookla, launched Voice over Long Term Evolution Plus ‘VoLTE Plus’ technology, and was the first telecom company in Kuwait that has physically demo its “5G” services to its customers.”

He added: “VIVA has achieved good levels of revenues and increase in the profitability which improved the company’s financial and operational efficiency. As a result, VIVA recorded revenues of KD 288 million during FY 2018 and achieved net profit of KD 50.4 million (earnings per share of 101 fils) recording growth of 18 percent compared to FY 2018, whereas EBITDA reached KD 77.8 million compared to KD 71.1 million during FY 2017. On the other hand, VIVA customer base has reached 2.2 million at the end of December, 2018”.

On his part, Mohammed Bin AbdulMohsen Al-Assaf, VIVA’s CFO, said: “VIVA’s financial results reflect its ability to compete, sustain revenues and maintain its position as the second largest telecom operator in the Kuwaiti market in term of market share in the telecommunication sector. Al-Assaf said,” we started to observe the impact of the cost optimization program adopted by the company during the current year on profitability which increased by 18 percent, as the company adopted a balanced and effective financial policy in managing CAPEX and operating expenses”. 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”.

kuwait Times Contribution Time: 06-Feb-2019 17:46 (GMT)
kuwait Times Last Update Time: 06-Feb-2019 17:46 (GMT)

Request a Trial

Title:*
First Name:*
Last Name:*
Job Title:*
Phone:*
Company:*
Email:*
Country:*
Comments:
*Required Fields
 
Submit

Already Registered?

Username/ Email:
Password:
 
Login
Support & Feedback
Ask for free trial