Wataniya Telecom's profit surges in Q4

Profits and revenue up following stake increase in Tunisiana
Wataniya Telecom is majority owned by Qatar's Qtel Group.
Wataniya Telecom is majority owned by Qatar's Qtel Group.

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Kuwait’s Wataniya Telecom said that its Q4 2011 net profit increased by 57% compared to the same period in 2010, to KD38.2 million ($137.4m), according to Reuters.

The telco, which is majority-owned by Qatar’s Qtel Group, increased its revenue to KD186.4 million in the fourth quarter, up from KD138.7 million in Q4 2010.

Wataniya’s results were buoyed by its acquisition last year of an additional stake in Tunisian mobile operator, Tunisiana. Wataniya raised its stake in the Tunisian operator to 75%, allowing it to consolidate 100% of Tunisiana's revenue from the Q1 of 2011 onwards, up from 50%, Reuters reported. Wataniya’s results also now includes three-quarters of Tunisiana's profit, also up from 50%

Wataniya, which has operations in Kuwait, Tunisia, Algeria, Saudi Arabia, Maldives and the Palestinian territories, saw its consolidated customer base rise by 7.4% in Q4 2011 to reach 17.8 million.

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