Qtel 1H 2012 Revenue Increases 6.1 Percent To QAR 16.4 Billion
Published Tuesday, 31 July 2012 11:54 | Written by Amwal Al Ghad
Earnings per share in 1H 2012 stood at QAR 4.92 (1H 2011: QAR 5.83). Earnings per share for 2011 have been restated as a result of the issuance of 30 percent bonus shares and 40 percent rights issue in 1H 2012.
Qatar, Tunisia, Iraq and Algeria maintained positive momentum from previous quarter.
Indonesia growth accelerated from previous period; Nawras returned to positive customer growth and stable revenue.
Kuwait's results have been negatively impacted by heightened competition during the period.
Net profit for the period was impacted by adverse foreign exchange movement in Indonesia and Algeria. The operational results, excluding foreign exchange impact, showed growth of around 9%.
Successful completion of fully subscribed Qtel Rights Issue, raising QAR 6.8 billion for the Group.
Agreement reached, subject to Iraqi Government and Regulatory Authority approval, to increase Qtel 's shareholding in Asiacell, to 60 percent for a total consideration of QAR 5.4 billion. Initial increase in stake takes shareholding of the group to 53.9%.
Submission of an offer document for approval from the Kuwait Capital Markets Authority, which may lead to an offer for all the issued shares of the Wataniya Telecom Group not already owned by Qtel .
As of 30 June 2012 the Group's consolidated customer base stood at 83.7 million (1H 2011: 77.5 million), representing an 8 percent year-on-year increase in total customer numbers. Group revenue for 1H 2012 was QAR 16.4 billion (1H 2011: QAR 15.4 billion) with EBITDA for the period QAR 7.8 billion (1H 2011: QAR 7.2 billion) and an EBITDA margin of 48 percent achieved (1H 2011: 47 percent).
Net profit attributable to Qtel shareholders decreased by 11.8 percent with 1H 2012 at QAR 1.4 billion (1H 2011: QAR 1.5 billion). This was mainly due to foreign exchange losses in Indosat and Algeria.
Commenting on the results, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group said:
"We have made good progress in the first half of the year toward our business goals. Our strategic path remains clear. We have continued our strategy to invest in markets where we see growth potential. In Iraq we have set out a way forward to increase our Asiacell stake. The growth strategy was supported through our highly successful Rights Issue, retaining the confidence and trust of our shareholders and securing QAR 6.8 billion in funding."
Also commenting on the results Dr. Nasser Marafih, Chief Executive Officer of the Qtel Group said:
"We saw strong revenue and EBITDA performance for the Group in the first half of the year. In the face of increasing competition, we are fully aware that our success in the near and far term will depend on delivering exceptional service to our customers, a focus on our operations, and from targeted investments in new opportunities. These three principles guide our work as we take the necessary steps to bolster the momentum already underway in some of our operations and retake the initiative in the other operations."
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