Qtel Q1 2010 Net Profit Advances to QAR 1.2 Billion, Growing 104 Percent Year-on-Year
Qtel announced a strong start to the year with Q1 2010 net profit increasing to QAR 1,213 million, a 104.3 percent increase over Q1 2009, while Q1 Group Revenue increased 14.2 percent to 31 March 2010 at QAR 6,417 million (Q1 2009: QAR 5,617 million).
EBITDA stood at QAR 3,034 million an increase of 14.4 percent over the same period in 2009, while EBITDA margin remained constant at 47 percent (Q1 2009: 47 percent). The Group’s consolidated customer base reached 67.7 million an increase of 21.1percent over Q1 2009.
The retroactive reduction of the royalty by the government resulted in an estimated one-off benefit of QAR 554 million in Q1 2010; excluding this benefit Group Net Profit increased 11 percent compared to same period 2009.
The Group’s balanced and diversified portfolio continues to yield positive results. Q1 witnessed the active protection of market positions in Qatar, Indonesia and Kuwait, and deepened development of growth markets such as Iraq, Algeria and Palestine. The ongoing evolution of Qtel’s international strategy has resulted in over 76 percent of the Groups’ revenue now being generated outside Qatar.
“Our Group has started the current financial year strongly, driven by a shared sense of purpose and the clear vision for our company to achieve its local and global goals. We continue to build upon our firm financial foundations and have kept our focus on maximizing shareholder value, with the Group achieving 14.2 percent revenue growth and 104.3 percent net profit growth during the period. Our consistently positive performance has been made possible by the ongoing resilience of our diversified and balanced portfolio and by the effective execution of our in-country teams,” commented His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group.