Al Roumi: “Listing VIVA’s shares in the Stock Market will boost investors’ Confidence and Improve its Financial and Investment Position”
VIVA, Kuwait’s fastest-growing telecom operator, held a press conference attended by NBK Capital, the lead advisor, to announce the listing of the company’s shares that will start being officially traded on the Kuwait Stock Exchange (KSE) on Sunday, December 14, 2014.
VIVA’s Chairman, Mr. Adel Mohamed El Roumi, stated at the press conference: “By going public, VIVA enters a new era of activity and project expansion, revenue and profit increase. Listing our company’s shares in the stock market is a pivotal point that reflects VIVA’s strategic direction and the Board’s vision of continued expansion and growth as the confidence of various categories of shareholders and investors is gained.” El Roumi also pointed out that the “listing will help boost the investors’ confidence in the company, and consequently improve VIVA’s investment and financial position.”
El Roumi added: “During its first five years of operations, VIVA has managed to achieve steady growth in its operations, customer base and financial results. These is a clear indicator of the company’s ability to deliver positive results in coming years, maintain its competitive edge and growth, increase revenues and profits while achieving rewarding equity to our shareholders. By the end of the fiscal year 2013, our revenues reached approximately KD 182 million. VIVA is also proud to have Kuwaiti government entities among its investors, and the Saudi Telecommunication Company (STC) Group as a strategic partner.”
El Roumi concluded: “We would like to congratulate VIVA’s shareholders and management on this achievement. We thank the Chairman and the Board of Kuwait’s Capital Market Authority (CMA) for approving the listing. We also express thanks to our listing advisor, NBK Capital for their efforts and the supervision of the listing process, wishing you all success and progress to serve the national economy, in addition to other economies where our company operates.”
VIVA’s Chief Executive Officer, Eng. Salman Bin Abdulaziz Al-Badran said: “VIVA was able to capture 33% of the Kuwait telecommunication market and 32% of customers by September 2014. Today, VIVA has the second largest customer base in the Kuwait telecom market, reaching 2.4 million subscribers and provides over 99% of the Kuwaiti population with network coverage. As we continued to invest in our infrastructure and new technologies that differentiate our company from the competition, VIVA has been able to achieve growth in operating income before interest, tax, depreciation and amortization (EBITDA), reaching 189% in 2013, and 83% in the first nine months of 2014, compared to the same period last year.”
Al-Badran continued: “This strong growth in a very competitive market is an indicator of our steady progress and the success of our customer-centric strategy. This is a record breaking achievement for a recently established mobile operator, when compared to our regional and international counterparts.
In addition to our commercial operations, we have a long-standing commitment to supporting the local community. We are consistently involved in many areas in Kuwait’s society, including social, health, sports and education.”
Abdulaziz Abdullah Al Qatie, VIVA’s Chief Financial Officer said: “VIVA has exceeded expectations in terms of attracting customers and achieving revenues, which enhanced the financial performance of the company. This reflected positively on the record breaking growth of VIVA’s revenues and profits. VIVA’s net profits growth reached 521% in 2013 and 98% during the first nine months of 2014, compared to the same period last year.” Al Qatie added: “We will continue our efforts in order to achieve further growth and provide the best service to our customers and the best value to our shareholders. We will continue forward with our increasing profits that will shape our company’s path and performance in coming years.”
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