KUWAIT CITY (AFP) – Kuwait National Mobile Telecommunications Co (Wataniya) said on Tuesday its net profits last year rose 31.4 percent, mainly after the release of provisions tied to a court case.
In a statement posted on the Kuwait Stock Exchange website, Wataniya said its net profits for 2009 hit 108.3 million dinars (376 million dollars), compared to 82.4 million dinars (286 million dollars) the previous year.
Last year’s profits, however, included provisions of 58.4 million dinars (204 million dollars) released in the second quarter after the company won a court case against the communications ministry.
Wataniya, the second-largest mobile operator in Kuwait, said its assets declined slightly to 3.08 billion dollars at the end of 2009 from 3.1 billion dollars a year earlier.
But its shareholders equity surged to 1.68 billion dollars on December 31 from 1.44 billion dollars at the end of 2008.
Wataniya, in which Qatar Telecom holds a majority stake, operates in Kuwait, as well as Algeria, the Maldives, Saudi Arabia and Tunisia, serving some 12 million subscribers. Kuwait’s government holds about 25 percent of the company.
Two other mobile firms, Mobile Telecommunications Co (Zain) and Kuwait Telecommunications Co (VIVA), also operate in Kuwait.