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2.8 Billion Qatari Riyal Profit Earned by Qtel Group

Middle East : 08 March 2010

Qatar Telecom (Qtel) Group has announced the highest ever net profit of 2.8 billion Qatari Riyal in 2009 showing a remarkable growth of 21% over the last year. The group increased its Earnings per share (EPS) by 7.2% from 17.68 Qatari Riyal in 2008 to 18.95 Qatari Riyal in 2009.

Group’s revenues increased by 18.20% from 20.30 billion Qatari Riyal in 2008 to 24.00 billion Qatari Riyal in 2009. Funds available for distribution to shareholders grew by 20.50% from 2.30 billion Qatari Riyal in 2008 to 2.80 billion Qatari Riyal in 2009. EBITDA increased by 15.10% from 9.80 billion Qatari Riyal in 2008 to 11.30 billion Qatari Riyal in 2009 and EBITDA margin decreased by 1.00% from 48% in 2008 to 47% in 2009.

The group said that 2009 marked booming start of wi-tribe in Pakistan and Watania in Palestine. At December 31, 2009 the Group was serving 60.5 million customers. The group’s over 76% revenues were generated outside Qatar.

The group responded solidly to challenges in Qatar and Kuwait. In 2009 the group continued to take strides in making important financial and operational progress as well as grew its market share by facing cut throat competition and international financial crisis.

Chairman of the Qtel Group, Sheikh Abdullah bin Mohammed bin Saud Al Thani said that he was proud to declare that now they are the biggest telecommunications provider in the Middle East- North Africa region. Last year was a real accomplishment for the Qtel Group. Their diversified operations produced strong results and provided them the opportunity to flourish in a highly challenging and competitive market. Group’s remarkable achievements was due to expansion of operations throughout regional markets as well as due to Group’s capability to achieve a strong return from collaboration and shared innovation across their growing inter-connected operations. The Group increased its customer base to 2.40 million in Qatar.

Chief Executive Officer of the Qtel Group, Dr Nasser Marafih said that they concentrated on upgrading the network infrastructure to improve capabilities mainly in Broadband and data services. This will facilitate future expansion in their key markets.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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