Qtel announced Saturday its six months financial results to 30 June 2004.
Announcing the figures, Qtel’s Chairman Sheikh Abdullah bin Mohammed bin Saud Al-Thani said, “In the first six months of the year Qtel achieved another strong performance with revenues rising by 18 percent to QR 1,149m and net profit increasing by 29 percent to QR 749m over the corresponding period last year.
The results were achieved by growth in both the Wireless and Wireline Business Units coupled with gains from the disposal of certain locally held investments.”
“To reflect this strong performance, we will be distributing an interim dividend payment of QR. 3.65 per share. This equates to 36.5 percent of the nominal value, an 11 percent increase from last year,” he continued.
Revenue for the six months to June 2004 increased by 18 percent, a QR 177m increase to QR 1,149m over the corresponding period last year.
Qtel’s Wireless services continued to perform well with overall revenue increasing by 25 percent to QR 672m (June 2003-QR539m). The GSM subscriber base experienced a 28 percent growth to 419,000 (June 2003- 328,000). Qtel’s Prepaid GSM subscriber base experienced particular growth with a 51% increase over the 12 month period, a net increase of 94,000 subscribers.
Wireline services also performed well with a 14 percent growth in overall revenue to QR 441m (June 2003-QR387m). This was driven by Internet and leased circuits.
In particular, dial-up Internet expanded its subscriber base by 40 percent over the 12 month period from June 2003, and barQ ADSL nearly quadrupled its subscriber base, growing by 379 percent.
Operating profit for the six months to June 2004 grew from QR 575m to QR 677m, an increase of 18 percent.
Expenses for the six months period January to June rose from QR 398m in 2003 to QR 472m in 2004, an increase of 19%. This reflects predominantly the company’s increased business and promotional activities.
Qtel’s other income for the six months was QR 72m up from QR 24m in the same period of 2003. This was primarily due to sale of certain locally held investments during the period.
Net profit for the first six months of 2004 grew to QR 749m, a net increase of 29 percent over the corresponding period in the previous year.
Earnings per share for the six month period grew to QR 7.49 per share in 2004 compared to QR. 5.80 per share in 2003. (menareport.com)
© 2004 Mena Report (www.menareport.com)
