VIVA Kuwait’s accumulated losses down to KWD 11m by the end of September

VIVA Kuwait Telecommunication Company, which is 26% owned by STC, reduced its accumulated losses to KWD 11m by the end of September 2014 compared to KWD 49m for the same period last year.

Shareholders’ equity increased to KWD 38.9m by the end of September 2014 compared to KWD 90,000 for the comparative period.

Balance sheet since 2011
2014	2013	2012	2011	Period
220.6	178.9	126.6	126.1	Assets (KWD mn)
181.8	169.4	141.3	144.6	liabilities (KWD mn)
38.9	9.6	( 14.7 )	(18.5)	Shareholders’ equity (KWD mn)
77.8	19.2	( 29.4 )	( 37.0 )	Book value (KWD fils)
( 11.1 )	( 40.4 )	( 64.6 )	( 68.5 )	Accumulated losses (KWD mn)
%22	%81	%128	%136	Accumulated losses% of capital

The company reported a net profit of KWD 29.3m for the first nine months of 2014, 98% increase compared to the same period last year.

Income Statement
Change	September 2014	September 2013	Period
+35%	174.1	129.4	Revenue (KWD million)
+98%	29.3	14.8	Net profit (KWD million)
--	499.4	499.4	Average number of shares (million)
+98%	58.6	39.6	Earnings per share (Fils/share)

The following table indicates the company’s net profit since 2013:

			Net profit & revenue since 2013
EPS (Fils/share)		Net profit (KWD million)			Revenue (KWD million)			Period
			2013
9.8	4.9			39.8			Q1-2013
8.8	4.4			42.9			Q2-2013
10.8	5.4			46.7			Q3-2013
19.0	9.5			53.0			Q4-2013
			2014
17.2	8.6			55.4		Q1-2014
20.8	10.4			58.1		Q2-2014
20.6	10.3			60.6		Q3-2014

According to Argaam; VIVA Kuwait sold 250m shares or 50% of its capital in an IPO in 2008 for 105 Fils per share.

The Capital Market Authority approved the company’s listing in Kuwait financial market in August 2014.

VIVA Kuwait doesn’t intend to raise its capital at the mean time.

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