Qatar Telecom (Q-Tel) recorded a 20 percent net profit rise for 2003 with earnings reaching 1.149 billion Qatari riyals ($315 million) compared to QR 956 million earned in 2002.
Top line revenue grew by 18 percent from QR. 1.720 billion in 2002 to QR. 2.026 billion in 2003. This was largely driven by an positive performance in wireless and wireline, coupled with the introduction of new products and improvements in operating efficiency, according to a press release.
Capital investment rose by 45 percent to QR. 375m during 2003, funding developments such as the expansion of Qtel's Wireless network and the introduction of advanced technologies.
Wireless services grew by 35 percent growth in overall revenue. Specifically, Q-Tel's wireless postpaid service grew by 17 percent over the year from QR 558 million to QR 655 million while prepaid rose by 87 percent from QR 243 million to QR 455 million.
The Board of Q-Tel is recommending to the General Assembly a total dividend payment of QR 7.3 per share, the net of which is payable after deducting the 33 percent interim dividend payment of QR 3.3 per share made in July 2003. This will result in a total dividend payout of QR 730 million, representing 64 percent of net profit for the year. Shareholders will receive a final dividend payment of four Qatari riyals per share after the General Assembly has approved the recommendation. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
