Jul 18 2011 |
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Renna Breaks Even!
Renna Mobile - one of the very first MVNOs in Middle East - reached operational break even (EBITDA). On the remarkable milestone the company CEO Joakim Klingefjord commented "Yes, it is correct that we reported our first full month of positive cash flow on our operation in Oman. This is obviously a very crucialmilestone for us since we are able now to show to our shareholders, employeesand other stakeholders alike that the MVNO model actually do work, also in thispart of the world!"Renna Mobile launched its operation in May 2009after having secured a wholesale agreement with Omantel and a Class II MobileReseller license from the country's telecoms regulator. It quickly positioneditself firmly in the Omani market with a value proposition anchored aroundlight prices and clear and transparent communication to the consumers with nohidden charges and no "fine print". Based on this value propositionRenna Mobile became a preferred choice for many Omanis as well as expatriates -a position that the company under the leadership of Joakim Klingefjordleveraged by expanding its business into the market for Data usage, where ithas now become a well known player in Oman.
Mr. Klingefjord continues "We have alwaysbelieved firmly that the MVNO business model would also be applicable in thispart of the world. However, it is important to understand that the operatingstructure needs to be aligned with the marketing strategy, as well as thewholesale agreement. Hence, we have constantly had a big focus on operationalefficiencies and cost prudence and I believe this is the major reason that weare now the first in the Middle East to be able to announce a positive cash flowfrom our operation".
Since the launch of Renna Mobile, the marketshares of Omantel combined with its Mobile Resellers (MVNOs) has beenincreasing steadily according to the quarterly reports from the country'sregulator watchdog, TRA. This came after a period of declining market sharessince the country saw competition in its telecom sector for the first time in2005 when Nawras, the 2nd mobile network operator, launched its services to thepublic.
-Ends-
Contact details for further information:
Joakim Klingefjord
GSM: +968 98 33 33 99
Email: joakim.klingefjord@rennamobile.com
renna (Majan Telecommunication LLC)
P.O. Box 180
P.C. 102, Muscat
Sultanate of Oman
© Press Release 2011
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