Qtel overcomes challenges to record US$439 million net profit in H109

Qatar Telecom (Qtel) today reported that for the first half of 2009, the group achieved consolidated group revenue of QAR 11.5 billion (US$3.16 billion), up 42 per cent year-on-year. The group’s net profit attributable to shareholders reached QAR 1.6 billion in H109, registering 38 per cent year-on-year growth. At June 30, 2009 Qtel’s consolidated customer base stood at 52.2 million, spanning 17 countries across the Middle East, North Africa and Asia.

Qtel’s EBITDA increased by 36 per cent in year-on-year in H109, increasing to QAR 5.5 billion. The Group’s EBITDA margin held relatively steady during the period at 48 per cent, down from 50 per cent a year earlier.

Marafih believes the rest of the year will be characterised by continuing economic uncertainty, but that Qtel will continue to innovate

In Q209, Qtel achieved consolidated group revenue of QAR 5.9 billion, growth of 30 per cent year-on-year. The group’s net profit attributable to shareholders for the period reached QAR 1billion, registering 59 per cent year-on-year growth. Qtel added 800,000 subscribers during the quarter.

“One of the main highlights during this quarter was the successful execution of key stages in our long-term financing strategy, commented Qtel Group chairman Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani. “The issue of our inaugural bonds of US$ 1.5 billon under our new US$ 5.0 billion Global Medium Term Note programme in June 2009 was significantly oversubscribed, following a road show to global investors. This was the first global bond of a telecom operator in the GCC region.”

In Qtel’s domestic market of Qatar, the operator extended its range of products and services and deepened its connection with subscribers. Consolidated customer numbers in Qatar grew in H109 by 29 per cent to 2.2 million at end-June.

“We expect the rest of the year to be characterised by continuing economic uncertainty but we continue to bring more innovative products to the market supported by a business that is increasingly consolidating to create long term value,” stated Nasser Marafih, CEO of Qtel Group.