VIVA Kuwait has announced the financial results for the nine-month period ended on 30 September 2016, whereby VIVA's revenues grew by 3% to reach KD 211 million( $696 million) compared to the same period in 2015. VIVA attributed the results to the quality of services, promotions and packages offered to its customers to meet their needs and expectations. Customer base reached 2.4 million by end of September 2016.
"Despite the highly competitive Kuwaiti Telecom Market, VIVA was able to achieve growth in revenues and good profitability levels. In addition, VIVA maintained the operational efficiency that led to generating positive returns to our shareholders during the nine month period of 2016. VIVA witnessed growth in its revenues a result of the company's strategic plans and efforts to be one of the most developed telecommunications companies in the state of Kuwait and the region, as we always look forward to play a central and significant role in providing smart telecom solutions in order to provide our customers with the best and most advanced telecom services," said Dr. Mahmoud Ahmad Abdul Rahman, VIVA chairman.
Following the board of directors' discussion for the recent developments of the Internet Service Provider Company (ISP) acquisition, the chairman said: "In line with the strategic plan drawn up by VIVA BoDs' for expansion in integrated telecommunications and technology solutions, BoD has approved to acquire one of the internet service providing companies which is not listed in Kuwait Stock Exchange". Also, we would like to highlight that VIVA will take the necessary actions to implement acquisition and obtain the permits and approvals of the concerned regulatory and authority bodies to ensure successful acquisition in all aspects.
Eng. Salman Bin Abdul Aziz Al-Badran, VIVA CEO said: "VIVA continued to achieve growth in operating revenues and strengthen its leadership in the telecom market."
He added: "With the high competition in the Kuwaiti telecom market, VIVA's strong revenue performance contributed to maintain a good profitability level as a result of the company's financial & operating capacity and efficiency.VIVA endeavours to offer innovative products, services and solutions in the telecom market on a global scale to meet its customers' expectations and aspirations in Kuwait and provide them with the latest in technology."
Abdulaziz Abdullah Al Qatie, VIVA CFO said: "During the nine month period of 2016, VIVA's financial results reflected its ability to compete and achieve growth in revenues, and maintain its position as the second largest telecom operator in the Kuwaiti market in term of revenues in the telecom sector. The company managed to decrease its leverage ratio due to its conservative financial policy to reach 0.47x at end of September 2016 as compared to 0.95x recorded at end of September 2015." 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."