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Kuwait telco Wataniya's Q4 profit jumps 46%
February 19, 2014, 1:50 pm
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Wataniya, Kuwait's No.2 telecom operator, reported a 46 percent jump in fourth-quarter profit on Wednesday, according to Reuters calculations.

Wataniya made a net profit of KD18.4 million ($65.3 million) in the three months to Dec. 31, up from KD12.6 million in the year-earlier period. Reuters calculated the figure based on financial statements.

The result beat the forecast of an analyst at EFG Hermes, who had expected a net profit of 13.5 million dinars for the period.

The firm, a subsidiary of Qatar's Ooredoo, had reported declining profits in the six of the eight preceding quarters and last March it appointed Abdulaziz Fakhroo as chief executive, its third CEO in less than a year.

Wataniya's full-year profit was KD76.1 million, up slightly from KD75.5 million in 2012, according to a bourse filing in Kuwait.

Its board has recommended a cash dividend of 0.125 dinars per share for 2013, the statement added.

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