Qtel Announces Net Profit of QR 2.6 billion in 2011

Doha, March 04 (QNA) -Qatar Telecom (Qtel) this evening announced that it has achieved a net profit of QR 2.6 billion for the twelve months ended December 31, 2011, compared to QR 2.8 billion for the same period of 2010 representing a decline in profits by 9.8 percent. A press release by Qtel (QSC General) said the earnings per share for 2011 amounted to QR 14.80 compared to QR 19.69 in 2010. It said the growth of the Group's revenue in 2011 increased by 16 percent to QR 31.8 billion, compared to QR 27.4 billion r in the fiscal year 2010 Earnings per share (EPS) stood at QR14.80 in 2011 compared with QR16.41 in 2010. The EPS have been adjusted as a result of the issuance of 20% bonus shares in Q1, 2011, Qtel Group said in a statement. Qtel s board of directors has recommended a cash dividend of 30 % of the nominal share value and bonus shares of 30 % of the group s share capital. In Qatar, Qtel earned revenue of QR5.7bn last year compared with QR5.6bn in the previous year. "Recognizing the ongoing growth potential of the Qatar market, Qtel reorganised into functional business streams, enabling faster and more effective decision-making, in the last quarter of 2011", Qtel said. "The change process has been designed to improve the customer experience, by enabling Qtel to launch new services and resolve issues faster and more effectively. It will also support ongoing cost optimization efforts. "Progress on key infrastructure in the last quarter of 2011 positioned the company to expand into new business areas in 2012", the company said. "The completion of technical preparations and regulatory approval ensured that Qtel was ready to commercially launch Qtel Fibre in 2012, opening new opportunities in the high-speed Broadband and entertainment areas. "The company also launched its LTE/4G (long term evolution) programme, to provide cost-effective, fast multimedia mobile data services for customers." Qtel Group chairman HE Sheikh Abdullah bin Mohamed bin Saud al-Thani said: "The strength of our business, brands and in-market propositions is made clear in the strong financial results we are reporting today. We have solidified our position in some of the most competitive markets in our footprint. "We have maintained our reputation for being first to market with advanced services and offerings and delivered positive returns to our shareholders through sustained, profitable growth. "On behalf of the board of directors I am pleased to recommend to the General Assembly the distribution of a cash dividend of 30% of the nominal share value (QR3 per share) and bonus shares representing 30% of the issued share capital." Qtel Group CEO Dr. Nasser Marafih said: "The positive operational and financial momentum across our Group has continued this year, with a strong and sustained performance delivered across our entire portfolio. Data remains a key strategic focus for us in many markets and an important driver of our 2011 and future growth. "The opportunity for our Group in data has only just begun and is, in fact, just one of many opportunities that we see on the horizon." "To capitalize on technology changes, our strategy is evolving. In the year ahead, we will increase our focus on differentiated customer experience, on transforming the way we manage our operations, and we will embrace emerging and adjacent opportunities to expand our business. "This energetic approach, coupled with challenging financial targets, will ensure that we are at the forefront of telecoms innovation and excellence in the regions where we operate," Marafih added. (END)