Qatar Telecom (Qtel) has reported a 7.9% drop in its fourth-quarter profits of QAR431 million (US$118 million) due to non operational provisions in Kuwaiti's Wataniya subsidiary. Revenues were up by 9% to QAR6.54 billion (US$1.8 billion). EBITDA was up by 4.6% to QAR2.97 billion, although the EBITDA margin fell to 45% from 47%.
For the full year though, net profit was up by 20.5% to QAR2.78 billion (US$764 million), while revenues rose by 18.2% to QAR24 billion (US$6.6 billion).
The company ended the year with 60.53 million customers across all its markets, a rise of 5.2% over the year.
Commenting on the results His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group said: "This has been a year of real achievement for the Qtel Group as I am proud to announce that we are now the largest telecommunications provider in the Middle East - North Africa region by number of operations. Our diversified operations have delivered strong returns and enabled us to thrive in a highly competitive and challenging environment."
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