Qtel’s AGM approves generous cash dividend

Qtel’s annual general meeting has approved the recommendation of the board of directors to distribute a cash dividend of 50 per cent of the nominal share value (QAR 5.0 per share (US$1.37)) and bonus shares of 20 per cent of share capital (one share for every five shares).

The Qtel Group delivered a number of key strategic initiatives in 2010 that position the company for growth in 2011. Among the initiatives, the roll-out of a nationwide fibre network for high-speed Internet, achieved key project milestones, and is set for commercial launch in 2011. The company also signed, via Wataniya Telecom, an agreement to acquire another 25 per cent shareholding in Tunisiana raising its stake to 75 per cent.

Reflecting the company’s ongoing growth, earnings per share (EPS) has grown from QAR 11.90 in 2005 to QAR 19.69 in 2011

In the twelve months to end-December 2010, Qtel maintained solid operational and financial progress. It saw robust full-year group revenue performance, with revenue increasing by 13.1 per cent year-on-year to QAR 27.2 billion.

In the same period, net profit attributable to Qtel shareholders also grew 2.2 per cent to QAR 2.9 billion and at the end of the year, the group’s consolidated customer base stood at 74.1 million. EBITDA performance in 2010 was also strong, increasing 11 per cent over the year to QAR 12.5 billion