(MENAFN - The Peninsula) Qatar Telecom QSC (Qtel) yesterday announced robust financial results for the first quarter ended March 31, 2010, as a result of continued operational progress and the successful maintenance of strong market positions across the Group's 17 country footprint.
Earnings per share for the three months ended March 31, 2010 grew 104.3 percent to QR8.27 (Q1 2009: QR4.05)
In the first quarter ended this year, the Group benefitted from its strategy of pursuing EBITDA growth in its portfolio of operations. These efforts enabled the Group to deliver a robust Group revenue performance, with revenue increasing by 14.2 percent to end the period at QR6.4bn (Q1 2009: QR5.6bn).
In the same period net profit attributable to shareholders also grew, increasing 104.3 percent to QR1.2bn (Q1 2009: QR594m) and at March 31 2010 the Group's consolidated customer base stood at 67.68 million (Q1 2009: 55.87 million).
The Group delivered a strong EBITDA performance in Q1 2010, with EBITDA increasing 14.4 percent during the period to QR3bn n (Q1 2009: QR2.7bn). EBITDA margin remained resilient during the period, standing during Q1 2010 at 47 percent (Q1 2009: 47 percent).
Commenting on the results, H E Sheikh Abdullah bin Mohammed bin Saud Al Thani, Chairman of the Qtel Group said: "Our Group has started the current financial year strongly, driven by a shared sense of purpose and the clear vision for our company to achieve its local and global goals. We continue to build upon our firm financial foundations and have kept our focus on maximizing shareholder value, with the Group achieving 14.2 percent revenue growth and 104.3 percent net profit growth during the period. Our consistently positive performance has been made possible by the ongoing resilience of our diversified and balanced portfolio and by the effective execution of our in-country teams."
Also commenting on the results Dr Nasser Marafih, Chief Executive Officer of the Qtel Group said: "We have continued to advance across all areas of our operations in this first quarter, building on the positive momentum generated during 2009, most notably in markets such as Iraq and Indonesia where progress has been particularly encouraging. We continue to prove highly successful in our efforts to defend and even expand our solid market positions in those markets where competition is heightened. At the same time, we have retained sufficient flexibility in our operating model to be in a position to respond quickly to opportunities and challenges as they arise."
"As a team, we remain keenly aware that understanding customer expectations and meeting their needs will secure sustainable growth for our Group, and we are well-positioned to deliver the seamless integration of devices, networks and services that our customers require now and well into the future," he added.
Qtel continued to deliver strong results in its home market of Qatar, buoyed by a range of strategic initiatives and its ongoing Brand Refresh programme, "Fuel Your Senses".