|Qtel Group Year 2011 Results: 16% Increase in Revenues|
Qatar Telecom (Qtel) announced that Group revenue has increased this year by 16.0%, ending FY 2011 at QAR 31.8 billion.
Net profit attributable to Qtel’s shareholders after normalisation for a one-off favourable decision on the royalty regime in Qatar in 2010 of QAR 554 million, increased year-on-year by 11.6%. FY 2011 net profit attributable to Qtel shareholders stood at QAR 2.6 billion (FY 2010: QAR 2.3 billion).
The Qtel Board recommend the distribution of a cash dividend of 30 % of the nominal share value (QAR 3 per share) and bonus shares representing 30 % of the issued share capital.
The Board of Directors recommends to the General Assembly an increase of authorised share capital of QAR 5 billion. Taking into account the long-term strategy of the company, the Board of Directors approved the issue of 40% rights (two shares for every five shares held, after the distribution of bonus shares) at a price of QAR 75 per share, which is subject to approval of the increase of authorised capital by the General Assembly and subject to receiving the relevant regulatory approvals.
Highlights of the year include a strong performance from the Wataniya portfolio, with robust revenue and EBITDA growth in Kuwait, Tunisia and Algeria, in addition to the first positive EBITDA results in Palestine. The Group successfully maintained its leading market positions in Qatar, Indonesia and Iraq, with financial results showing positive growth. In addition, the acquisition of an additional stake in StarHub Limited (Singapore) took the Qtel Group’s effective stake to 14.14 %.
To capitalise upon the full potential of its diverse markets, the Qtel Group has adapted its strategy to focus on the customer experience, broadband development and embracing parallel business opportunities, positioning the company to continue its progress as a leading international communications company.