Qtel profit ascends 32% in 4Q11

Qatar Telecom's (Qtel) fourth-quarter net profit rose 32 percent, while its full-year revenue and total customer base reported strong annual growth, the telco announced on Sunday. The operator made a net profit of about QAR598m (US$164.26m), compared with a profit of QAR451.9m riyals in the same period a year ago, according to Reuters calculations. Total group revenue for 2011 increased 16 percent year-on-year to QAR31.8bn, while its total customer base as of December 31 rose 12.4 percent to 83.4m, compared to 74.1m at the end of 2010. Group EBITDA for 2011 increased by 18.7 percent to QAR14.8bn. Commenting on the results, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group said: “The strength of our business, our brands and our 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." The board recommended a QAR3 cash dividend per share, a 30 percent bonus share distribution, and a 40 percent rights issue at QAR75 per share, QNA said. The operator's shares closed one percent higher at QAR164.90 before the results were announced. Qtel is keen to expand via acquisitions while also growing organically in countries like Tunisia, Algeria, and Iraq where its existing mobile and fixed networks need major investment, its CEO told Reuters last week.