Qatar’s Ooredoo posts 6.2% surge in annual revenue
Rebranded telco attributes growth to broadband, data offerings
Qatar Telecom, now rebranded from QTel to Ooredoo, today announced financial results for the twelve months ended 31 December 2012. Group revenue grew by 6.2% year-on-year to QAR33.7bn from QAR31.8bn in 2011.
The group attributed the surge to strong growth in broadband and data usage in key markets.
Ooredoo said its subscriber base stood at 92.9m as of 31 December 2012, representing year-on-year growth of 11.5% from 83.4m customers at the end of 2011.
The re-branding of the group opcos under the Ooredoo brand, unveiled at Mobile World Congress in Barcelona, is expected to be implemented across the group during 2013 and 2014.
Ooredoo also increased its stake in Wataniya Telecom Kuwait from 52.5% to 92.1% last year and oversaw the post-period IPO of Iraqi affiliate AsiaCell, which was fully subscribed and raised $1.27bn, representing 25% of its share capital.
"Today's record results demonstrate that we are ready to take our company to the next level," said Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Ooredoo.
"We have delivered record revenue and are seeing ongoing growth in some of the most important sectors for the future, such as mobile data and broadband services. At the heart of this development, we remain focused on the needs and aspirations of our customers, and believe we are better placed than ever to stimulate human growth across our markets. By unifying our companies under our new brand, Ooredoo, we can leverage our combined resources to serve customers and deliver for shareholders. On behalf of the board of directors, I am pleased to recommend to the General Assembly the distribution of a cash dividend of 50% of the nominal share value [QAR5 per share]."
"As a combined and united team, we are improving the customer experience in all areas," said Dr Nasser Marafih, group chief executive officer of Ooredoo.
"Key milestones in technological and network enhancements, such as the introduction of 4G services and the transition from 2G to 3G across key markets, have been achieved in 2012. We are also working towards greater customer intimacy, getting closer to our customers' wants and needs than ever before, which in turn will increase our value proposition. As Ooredoo, we have a young, exciting brand that reflects the aspirations of our customers - we will continue to deliver on their aspirations now and in the future."