MTC ANNOUNCES A RECORD NET INCOME OF USD 1.051 BILLION FOR YEAR ENDED DECEMBER 31, 2006
As of December 31 2006, MTC Group was operating on 2 continents and was serving 27.037 million active customers – an increase of 98% compared to the same period last year. The company was present in 20 countries spread throughout Africa and the Middle East – making it the 5th largest mobile operator in the world in terms of geographic footprint –serving in markets with a total population of 470 million people.
The company’s remarkable customer increase was primarily driven by its high-growth African operations; and its acquisition of Sudan’s Mobitel and Nigeria’s V-Mobile which alone added 1.84 million and 5.5 million subscribers respectively. The company reported that its revenues exceeded KD 1.210 billion (USD 4.167 billion) for 2006, an increase of 109% relative to the same period in 2005. MTC's performance figures have been driven by organic growth, new license awards, and acquisitions over the past three and a half years since the company embarked on its profitable “3x3x3” expansion strategy. In 2006, MTC Group’s enviable financial performance was spearheaded by its more mature Middle Eastern operations and an impressive 113% increase in Celtel International’s revenues.
"The Group’s consolidated net profit was KD 305.30 million (USD 1.051 Billion) for year end 2006. These figures translate to earnings per share of 247 Fils (85 cents). This is yet another period of strong and sustainable growth in both the top and bottom lines,” said Mr. Asaad Ahmed Al-Banwan, Chairman of MTC. “MTC’s EBITDA was KD 593.96 million (USD 2.045 billion) reflecting vast Group operating efficiencies and synergies during this growth phase, and a testament to our management of a company of this size with operations at various stages of their life cycles.” added Mr. Al-Banwan. “The acquisition of the shares we did not own in Mobitel, Sudan (61%) in February 2006 coupled with the 65% of Vmobile, Nigeria that we concluded in May 2006 have significantly enhanced our portfolio with strong cash generating and high growth operations. We are continuously on the look out for new profitable opportunities.
MTC Group is now serving a growing customer base of 27.037 million active customers in the Middle East and Africa, representing a year-on-year increase of 98% due to organic growth and landmark acquisitions in Sudan and Nigeria. The company’s subsidiaries are consistently the leading operators in the overwhelming majority of the 20 countries where MTC operates, reflecting its core strategy to be the leader in the markets it serves. As of 2006, MTC’s African operations – through its subsidiary Celtel International – represented 62% of the company’s customer base while the Middle East operations: Iraq, Sudan, Jordan, Kuwait, Lebanon and Bahrain represented the remaining customers.
MTC recorded consolidated revenues of KD 1.210 billion (USD 4.167 billion) for 2006, an increase of 109% compared to 2005. The consolidated EBITDA increased by 78% compared to last year and reached KD 593.96 million (USD 2.045 billion), a margin of 49%. MTC also announced a milestone consolidated net income of KD 305.30 million (USD 1.051 billion), an increase of 65% compared to 2005, representing earnings of 247 Fils (USD 0.85) per share.