Qtel reaps another bumper harvest

The Qatari telecomms operator has posted a 2003 net profit equivalent to more than 50% of turnover.

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By  David Ingham Published  February 12, 2004

Qtel’s monopoly over telecommunications services in the state of Qatar has helped it turn in another impressive set of results. For 2003, the organisation posted net profit of QR1,149 million, more than 50% of the company’s turnover of QR2,026 million. “I am delighted to report that in 2003 Qtel achieved another strong performance with revenues growing by 18 percent over the year while the company made substantial progress in its Q-Turn business transformation programme,” said Sheikh Abdullah bin Mohammed bin Saud Al-Thani, Qtel’s chairman. “Net profit grew by an all time high of 20% to reach QR. 1,149m reflecting a series of successful product launches, service improvements and customer promotions, coupled with various improvements in operating efficiency.” Qtel’s share price grew 46% over the course of the year, increasing from QR108.50 on December 31, 2002 to QR158.40 on December 31, 2003. Around QR730 million, equivalent to 64% of the annual net profit, will be paid to Qtel’s shareholders. The government of Qatar has so far given no formal indication that it intends to end the monopoly of Qtel. However, comments made to Arabian Business last month by a senior Qtel official hinted that the government may be reconsidering this position.

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