VIVA announced the financial results for the first quarter of 2016.
VIVA's revenue grew by 6% during the first quarter of 2016 to reach KD 70.4 million as compared to the same period in 2015. These results has been achieved due to the high quality services and the diversity of promotions and packages offered by the company that meet the customers' needs and their expectations by covering all customers segments, as well as the confidence of our esteemed customers which always motivate us to provide them with the best services in line with the highest quality. VIVA's customers' base reached 2.4 million by end of March 2016.
Despite the high competition witnessed in the Kuwaiti Telecom Market, VIVA managed through its operational and financial strategy to achieve a net profit of KD 9.8 million (earning per share 20 fils) during the Q1-2016 as compared to KD 10.3 (earning per share 21 fils) recorded during the same period last year. On the other hand, VIVA's shareholders equity base increased by 70% to reach KD 102.7 million at the end of Q1-2016 as compared to KD 60.3 million at the end of Q1-2015.
As a continuing strategy, VIVA always seek to provide a high quality of products and services to its customers, also to improve the operational efficiency in order to generate better return to its shareholders. In addition to its contribution to the development of the Telecommunications sector in the state of Kuwait through the strengthening of its presence by providing an advanced technology & services and the best offers to its individual and corporate customers.
Commenting on the financial results, Dr. Mahmoud Ahmad Abdulrahman, VIVA's chairman, said: "I am pleased to announce that VIVA continued to deliver solid performance at the beginning of the year, as a result of the company's strategy plans, enabling us to provide innovative range of services, products and offers that are in line with technological development and customer needs. These results reflect the hard work and the dedication of the management and employees reaffirming our commitment to achieving excellent outcomes."
