MTC announces strong H1-2007 results showcasing continued growth

Consolidated revenues increased 49% from US$1.855 billion to US$2.77 billion; EBITDA grew from US$871.5 million to US$1.19 billion, an increase of 36% representing an EBITDA margin of 43%. Net income reached $515 million, up from US$454 million, an increase of 13% over the same period last year representing earnings of US$0.28 per share, 13% above the EPS for same period in 2006.

Dr Saad Al Barrak, CEO of MTC Group said:
'On the back of excellent results for 2006, we are delighted that MTC continues its excellent performance in the first half of 2007. Our extensive investments in license acquisitions and upgrading networks to better serve our customers are bearing fruit and we are confident that we can continue to grow in the markets that we serve. We are elated , having recently received the official go-ahead in the Kingdom of Saudi Arabia, the region's largest economy now experiencing exponential mobile customer growth and we look forward to establishing a world-class mobile operation there commencing services in early 2008.'

Further adding, 'Our aspirations of being a top-ten global operator by 2011 are well on target as our ACE implementation strategy takes shape. MTC is currently examining several new license opportunities on both continents and has been among the companies short-listed for the 2nd Qatar mobile license. In addition we look forward to securing a long term license soon in Iraq, confident of success on all these fronts' said Dr Al Barrak.

Key Events for H1-2007

March 24 & July 7, 2007
Following MTC Consortium's successful bid for the 3rd mobile license in the Kingdom of Saudi Arabia on 24 March 2007, MTC receives official notification on July 7, 2007 from Saudi Arabia's Communications and Information Technology Commission (CITC) affirming the Council of Minister's approval to establish a public joint-stock company to operate the 3rd mobile license in the Kingdom. The 25-year license allows MTC to offer GSM, 3G and 3.5G services and future state-of-the-art mobile telecommunications services throughout the Kingdom.

May 7, 2007
MTC Group acquired the remaining 15% stake of the outstanding shares of its African subsidiary, Celtel International. The final payment of US$467 million makes Celtel a 100% subsidiary of the MTC Group.