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VIVA Reports KD 23.8 Million Net Profit; a growth of 21%

Kuwait - 23rd July 2018: VIVA, Kuwait’s fastest-growing and most developed telecom operator, announced the financial results for six-month period ended 30 June 2018; whereby VIVA’s net profit grew to reach KD 23.8  million recording  growth of 21% compared to the same period in 2017. Whereas the revenues during the first six-month period of 2018 reached KD 149.1 million recording a growth rate of 7.6% compared to the same period in 2017. These results reflect VIVA's focus on achieving superior customer experience, high quality of services, innovative promotions and packages offered to its customers to meet their needs and expectations, inspired by our customers’ confidence which motivates us to provide the best services with the highest possible quality.

Commenting on the six-month’s financial results, Dr. Mahmoud Ahmed Abdulrahman, VIVA’s Chairman said: “Despite the high competition witnessed in Kuwait Telecommunication Market, VIVA was able to achieve growth in profitability and revenues 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 reinforces VIVA's substantial and positive role as a leading telecommunications company that always provides intelligent communications solutions to satisfy the needs of its customers and meet their 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 profit margin of all telecom companies in Kuwait. VIVA managed to achieve net profit of KD 23.8 million (earnings per share of 48 fils) during the six month period ended 30 June 2018 compared to net profit of KD 19.7 million (earnings per share of 39 fils) during the same period in 2017.”

On his part, Eng. Salman bin Abdulaziz Al Badran, VIVA’s CEO said: “Results of the six-month period ended 30 June 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 “Best Network Development”, in the MENA region, presented at the third annual 5G MENA Awards 2018 Ceremony, and “Speedtest Award Winner 2017 – Kuwait’s Fastest Mobile Network” by Ookla, and launched Voice over Long Term Evolution Plus ‘VoLTE Plus’ technology, and was the first telecom company in Kuwait that has physically de