Qatar Telecom Confirms Indosat Purchase - Doubles First Half Revenues

Qatar Telecom (Qtel) has reported that its first half group revenues jumped by 102% to QAR8.1 billion (US$2.2 billion), driven by acquisitions and continued marketing efforts. The group's EBITDA has increased 92% in the first half of 2008 compared to the same period last year, to stand at QAR 4.04 billion (US$1.1 billion). Net profit attributable to the shareholders stood at QAR 1.18 billion (US$324 million) for the first half of 2008: an increase of 33% over the same period last year.

"We have continued to make excellent progress towards our strategic goals this period, reporting record profits as well as making an important acquisition," said Qtel Chairman, H. E. Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, announcing the results.

The recent addition of Indosat to the Group means that Qtel now has an international consolidated customer base of over 51 million that spans 16 countries. Qatar, Kuwait, Iraq, Algeria, Oman and Indonesia (post acquisition) now represent Qtel's six largest markets by revenue, contributing 32%, 19%, 15%, 10%, 8% and 7% to Group revenue respectively.

Qtel also confirmed that Indonesia's Supreme Court had ruled that the legal challenge before the Supreme Court to its ownership of its 40.8% stake in Indosat has now ended. There had been concerns that an earlier court ruling might have limited the firm to just a ten percent stake in the firm.

"We continue to execute our growth plans successfully," commented Sheikh Abdullah in closing. "Today our Group footprint is broader than ever, our financial position as robust as ever and I feel confident that our strategy to combine customer service-led organic growth with value-enhancing acquisitions positions us very well to achieve our ambition to be among the top 20 telecom operators by 2020."

The company had earlier delayed the publication of its financial requests as it consolidated Indosat into its accounts. The company added the delay was "in the best interests" of the shareholders as the audited report will include PT Indosat earnings which will be significant.

Posted to the site on 14th September 2008