Business | Telecoms

Qtel doubles third-quarter revenues

Qatar Telecom QSC, which provides phone services in 16 countries, said its third-quarter revenue more than doubled as it added customers in new markets.

  • Bloomberg
  • Published: 23:56 October 22, 2008
  • Gulf News

Dubai: Qatar Telecom QSC, which provides phone services in 16 countries, said its third-quarter revenue more than doubled as it added customers in new markets.

Third-quarter revenue rose to 6.16 billion riyals (Dh6.04 billion) from 2.88 billion riyals a year earlier, the Doha-based company said in a statement late yesterday. Profit for the period increased 58 per cent to 651 million riyals, or 4.46 riyals a share, from 412 million riyals, or 3.60 riyals, in the year-earlier period.

Third-quarter income was expected to advance 71 per cent to 706 million riyals, according to an average of estimates from Global Investment House KSCC and ING Bank NV.

Big markets

Qtel, which next year will face competition in its home base from Vodafone Qatar, said its six largest markets by revenue are Qatar, Indonesia, Kuwait, Iraq, Algeria and Tunisia. The number of customers rose to 55.7 million in the third-quarter from 14.4 million a year earlier.

"Our positioning in high value markets like Kuwait and Qatar, and high potential markets in Asia provides us with a strategic platform for ongoing expansion," Qtel Chief Executive Officer Nasser Marafih said in the statement.

Phone companies in the Arabian Gulf are expanding abroad to boost sales as domestic markets mature and competition grows.

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