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WATANIYA Mobile Announces Its 2011 Financial Results With An Increase in All Financial And Operating Indicators

2012-02-14

Wataniya Palestine Mobile Telecommunications WATANIYA, the latest mobile communications operator in Palestine, is the first listed company to disclose its first annual report for the year 2011 since its launching. WATANIYA disclosed its audited financial statements before the end of the statutory period to disclose the unaudited year-end preliminary financial statement, reflecting its leading role in terms of legal commitment and transparency since it is considered the first among all listed companies in its subscribed capital ( $ 258 million) as of 31/12/2011.

WATANIYA has achieved positive results in its financial performance for the year 2011. Its overall revenues increased 96%, hitting $ 75 million at the end of 2011 compared to $ 35 million in 2010. The results have also shown significantly increase in the company’s operational performance indicators , its subscribers reached 465 thousand at the end of 2011 compared to 353 subscriber at the end of 2010.While the average monthly revenues per subscriber stood at $ 12.7 at the end of 2011, compared to $ 11.2 in 2010.

Dr. Muhammad Mustafa- the chairman of WATANIYA- said: “We are so proud of the positive indicators achieved by the WATANIYA at the end of 2011 , and we are so happy of the success of the Initial Public Offering IPO that attributed about 155% of the shares offered, in addition to including WATANIYA’s share in Palestine Stock Exchange PEX and weighting it in Al-Quds index at the end of 2011.” 

Commenting on the financial statements, Dr. Basam Hanon- the CEO of WATANIYA – added: “ After two years of launching the WATANIYA, the company included a positive earnings before interest, tax , depreciation and amortization of $ 3.9 million in 2011 compared to $ 21.5 operational losses in 2010 ; up by 118% .

Dr. Hanon added: “the financial results achieved by the WATANIYA during 2011 are an indicator of the subscribers’ confidence of the company’s programs and services. The WATANIYA’s subscribers’ increase came as a result of the company’s inception sought to develop plans and strategies to pursue an excellence in the telecommunications field in addition to providing special campaigns and offers to its customers. The company’s market share in the West Bank reached 24% in 2011. ”

It is worth mentioning that WATANIYA’s subscribers reached half million in the beginning of 2012, and the company has offers a special campaign for this occasion < Half Million Subscriber in Two Years Only> and a special offer of 100% free credit.