Fastlink increases number of subscribers by 51%, raises revenue by 10% in first half of ‘06
AMMAN — Fastlink, a member of the Mobile Telecommunications Company (MTC), increased the number of its subscribers by 51 per cent and raised its revenue by 10 per cent during the first half of this year.
According to a press statement from the Kuwaiti-based MTC, the subscribers of Fastlink reached 2.17 million at the end of last month compared to 1.43 million in the first half of 2005.
“Accordingly, Fastlink maintained its position as a leader in one of the highly competitive mobile communication markets in the region, with a market share of 59 per cent,” the statement indicated.
MTC’s consolidated net income grew by 55 per cent to $478 million during this year’s first half from $ 308million in the same period of last year, the statment pointed out.
It also showed a 122 per cent surge in revenues to $1.72 billion from $776.5 million posted during the January-June period of 2005.
Overall, MTC’s customer-base was higher by 116 per cent reaching 22.91 million subscribers during the past six months compared to 10.61 million in the corresponding period of last year.
“The company’s remarkable growth in customer base was primarily driven by Celtel which covers the African countries of Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Kenya, Malawi, Madagascar, Niger, Sierra Leone, Tanzania, Uganda and Zambia and most recently Nigeria,” the statement said.
It added that the more mature Middle Eastern operators of Jordan, Kuwait, Bahrain, Iraq, Lebanon and Sudan were behind the high financial performance of the group.
The results of the first half of 2006 reflect earnings per share of 39 cents, showing a healthy sustainable earnings per share growth rate of over 20 per cent, said MTC Chairman Asaad Al Banwan.
The group’s earnings before interest, tax, depreciation and amortisation reached $871.55 million, 81 per cent higher than the $480.4 million posted on June 30, 2005.
“MTC has now attained critical mass that allows it to leverage its size for the benefit of its shareholders and customers as well as providing a diversified stream of cash flows that enhance its place among its peers,” Banwan said.
He added: “The acquisition of the 61 per cent equity in Sudan’s Mobitel and the 65 per cent of Nigeria’s Vmobile have added two very important new operators to our portfolio and we are continuously scanning for new profitable opportunities that will enhance our footprint further.”
MTC’s subsidiaries are consistently the leading operators in the overwhelming majority of the 20 countries where MTC operates, the statement elaborated.
As part of its drive to implement the group’s expansion strategy and objectives, the MTC reshuffled posts at its offices in Bahrain, Kuwait, Lebanon, Sudan in addition to Jordan.
Saad Nasir, who was appointed general manager of Fastlink in May, said he would build on the already achieved targets.
Managing Director and Deputy Chairman Saad Al Barrak underlined in the statement “the group’s commitment to a unique corporate culture and to human resources.”
“We are fully committed to the development and empowerment of our people and we are committed to ensuring that their incentives are aligned with shareholder objectives in the form of an Employee Stock Option Plan, he said.
MTC is the pioneer of mobile services in the Middle East and now a major player in Africa. The company was established in 1983 in Kuwait as one of the region’s first mobile operators, and since the initiation of its “3×3x3″ expansion strategy in 2002, it has expanded rapidly, becoming the 4th largest company in the world with a footprint in 20 countries.
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