The owners of Middle East pay-TV operator OSN say they’ve achieved ‘operational turnaround’ at the company.
It follows the launch of OTT platform OSN Streaming that has given the business a larger reach across 25 countries in the region. Since April OSN Streaming has included Disney+ alongside exclusive content from seven major Hollywood Studios.
Speaking at the Annual Shafafiyah ‘Transparency’ Investor’ Forum, the company said savings of US$120 million had been made against 2019 and a 28% reduction made in general and administrative expenses and staff costs.
KIPCO said it would continue to monitor the global impact of the COVID-19 pandemic, which is significant and evolving. Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive) said: “While we continue to be operationally ready for a full-scale launch of business in the different markets we operate in, we are also mindful that new business opportunities that may present themselves as a result of these difficult times that the world is living.”