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Kuwait's Viva reports first net profit
- Kuwait: Sunday, March 24 - 2013 at 03:34
Kuwait-based mobile operator Viva has reported annual profits for the first time last year, four years after the Saudi Telecom Co (STC) affiliate launched services, Reuters has reported. The firm reported a net profit of KD3.9m ($13.69m) for last year, compared with a net loss of KD14.4m in 2011. Viva's customer base jumped by 60% to 1.6 million last year, enabling it to boost its market share to 29% from 20%, the company said. STC owns 26% of Viva, which has yet to list on the Kuwait bourse despite completing an initial public offering in September 2008.
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