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FINANCIAL NEWS
Kuwait’s Wataniya posts USD80m profit in Q2
26 Jul 2013
(MENAFN) Kuwait’s telecoms operator Wataniya posted a 20 percent increase in quarterly pearnings, ending its earnings decline, Arabian Business reported.
The company, a unit of Qatar Telecom (Ooredoo), said it made USD80.4 million net profit during the second quarter from USD69.38 million a year ago.
Wataniya has been grappling with dwindling profits in the preceding six quarters. In March it appointed Abdulaziz Fakhroo as chief executive, its third CEO in less than a year.
In Kuwait, Wataniya competes with Zain and Viva, an affiliate of Saudi Telecom Co, while it also has operations in Algeria, Tunisia, the Maldives, Saudi Arabia and the Palestinian Territories.
In October, Qtel, as Ooredoo was known before rebranding, paid USD1.8 billion to raise its stake in Wataniya to 92.1 percent from 52.5 percent.
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