Qtel profits soar on mobile boom

Qatar’s biggest operator Qtel has announced a healthy rise in revenues and net profits thanks to rising domestic demand for cellular services. The company said that turnover for 2004 reached QAR2.35 billion, up 16% on 2003, whilst overall profits rose by 27% to QAR1.48 billion as mobile penetration in the country reached 62%. Qtel said the boosted returns enabled it to increase investments in its national GSM network as well as to fund the expansion of its overseas operations, notably in Oman where it is part of the Nawras Telecom joint venture alongside Tele Denmark Communications (TDC) and several other Omani partners which in 2004 won the bid to operate the sultanate’s second mobile licence. Qtel’s total investments in 2004 stood at QAR590 million, up from QAR375 million in 2003.