Qtel Group's profit up 18% in Q2

Emerging markets and data demand help telco grow in Q2

Tags: QatarQtel Group Services
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Qtel Group's profit up 18% in Q2 Qtel has reported that its net profit increased by 17.9% to $184m in Q2 2011.
By  Roger Field Published  August 16, 2011

Qatar's Qtel Group posted strong results for the second quarter of the year, driven partly by demand for broadband and growth from its Wataniya portfolio.

Qtel's net profit increased by 17.9% to $184m, from $156.8m in the same period last year, while its revenues rose by 18% to reach $2.19bn.

The group's customer base reached 77.5 million, an increase of 16.2% compared to the same period last year.

Dr Nasser Marafih, CEO, Qtel Group said that the company had delivered "resilient performances" in some of its toughest markets, such as Qatar, Kuwait, Iraq and Algeria.

Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman, Qtel Group, attributed the growth to the company's investments in emerging markets.

"Our growth is [...] a result of our willingness to invest in developing markets and to manage those assets with a medium-to-long-term time horizon," he said.

"That principle is now beginning to bear fruit. Fundamentally the financial results are just a reflection of how we are doing to satisfy and connect with our customers. We believe that we are improving in that respect and our financial results quarter after quarter are showing that."

In its home market, Qtel competes with Vodafone Qatar, which started operations in 2009.

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