VIVA, a subsidiary of Saudi Telecom Company (STC), said its net profit grew to reach KD 19.5 million in the six-month period ended June 30 2017, reflecting a growth of 1 percent compared to the same period in 2016. Revenues during the first six-month period in 2017 reached KD 133 million (approx. US$440.3 million).
Emirates Integrated Telecommunications Company PJSC ("du") published its financial results on July 25 for the quarter ended 30 June 2017, and announced its plans to distribute AED 589.3 million of interim dividends to its shareholders for the first half of 2017 at 13 fils per share, subject to approval at the General Meeting in September 2017.
Saudi Arabia's STC shared its Q2 2017 financial results showing a 7.9 percent net income increase compared to the same period last year to reach SR 2.4 billion (US$640 million). STC Group CEO Dr. Khaled H. Biyari said the results reflect the company's move to embrace digital transformation and Saudi Vision 2030.
The market for drones in the GCC is expected to reach US$ 1.5 billion by 2022, presenting a massive opportunity for regional telecom operators, according to Strategy&, formerly Booz & Company, and part of the PwC network. By leveraging their capabilities and resources, these companies can play a central role in the development of the regional drone industry.
UAE's Etisalat Group, which operates and owns subsidiaries in the Middle East, Africa and Asia, posted its Q2 financial results for 2017. The Group's consolidated revenues amounted to AED 25.3 billion, according to the statement.
Mahindra Comviva announced that it is betting big on the Middle East region with its expanded portfolio of digital content. The company has entered into a partnership with Saregama - India's leading end-to-end entertainment solution provider. The partnership will allow Mahindra Comviva to cater to its clients in the Middle East by leveraging Saregama's extensive library of digital content targeting the SE Asian Diaspora as well as Arabs.
Qatar's Ooredoo Group posted its Q2 financial results for 2017 showing a 12 percent fall in net profit to 513 million riyals (US$137) million from 583 million riyals the previous year. The results fell below SICO Bahrain and EFG Hermes forecasts of 642.81 million riyals and 529.3 million riyals, respectively.
Etisalat, which controls a 13 percent market share in Nigeria, has had a running battle with a consortium of 13 banks since March after it notified them of its inability to service its $1.2 billion debt in February.
Virgin Mobile, Vodacom and Bua Group are among companies potentially interested in buying 9mobile, formerly Etisalat Nigeria, according to a report by ThisDay. 9mobile recently rebranded after the UAE's Etisalat terminated its management agreement with its Nigerian unit, giving up its 45 percent stake to a trustee.
PCCW Global, the international operating division of HKT, Hong Kong's premier telecommunications service provider, announced the landing of the high-capacity Asia Africa Europe-1 (AAE-1) cable in Hong Kong.
