Qatar Telecom (Q-Tel) achieved revenues of QAR2.98 billion (USD819.3 million) for the full-year 2005, an increase of 27.1% over its 2004 turnover of QAR 2.35 billion (USD646.1 million). Q-Tel’s business in Qatar saw revenues rise by 21.2% year-on-year from QAR2.35 billion to QAR2.84 billion, whilst its subsidiary in Oman, Nawras Telecom, which launched in March 2005, earned revenues of QAR140 million by the end of the year. By the end of 2005 the group’s combined mobile customer base in Qatar and Oman stood at 960,600, including 716,000 domestic customers and 244,000 Omani subscribers.
Q-Tel also announced a 20% drop in annual net profit to QAR1.19 billion (USD327.1 million), which it blamed on royalty payments to the government totalling QAR400 million. 2005 was the first year that Q-Tel incurred royalty payments to the state for the exclusive right to offer a full range of telecoms services. Net profit before royalties rose to QAR 1.70 billion (USD467.4 million) in 2005, 12.7% up on 2004.