Qatar’s Qtel Group posted positive results for the nine months to September 30, with strong performances in Qatar, Iraq, Algeria and Palestine helping to improve revenues and profits.
Qtel Group posted a net profit of QR2.4 billion ($659m) for the nine months ending 30 September 2012, a rise of 12.6% compared to the same period last year.
Qtel’s group revenues reached QR 25 billion in the first nine months of the year, an increase of 6.1% compared to the same period last year.
As of 30 September 2012 the Group’s consolidated customer base stood at 89.2 million, representing an 8.2% year-on-year increase in total customer numbers.
Qtel’s Q3 net profits increased by 73% compared to Q3 2011. This was partly attributable to the completion of the Indosat Tower transaction. Indosat announced the closing of its sale and lease back transaction for 2,500 towers with PT Tower Bersama Infrastructure Tbk for an upfront consideration of $406 million in August 2012.
Dr. Nasser Marafih, CEO, Qtel Group, said: “The performances in Qatar, Iraq, Algeria and Palestine are very impressive and were key to helping us deliver robust revenue and EBITDA growth during these first nine months of the year.
“We view technology and service leadership as a strategic differentiator in key markets, demonstrated in the most recent quarter by our successful 3G launch in Tunisia and the launch of a trial phase for 4G services in Qatar. We will continue to combine this spirit of innovation with sound competitive propositions across our portfolio as we move through the remaining months of this year.”
Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group, said that the results confirmed the group's strategy and management was “delivering financial performance that keeps us on a positive trajectory”.