Qatar Telecom (Qtel) has reported that its annual consolidated group net profit climbed by 12.6% in 2012 to QAR2.94 billion (USD807 million), up from QAR2.61 billion in 2011, on total revenues which rose by 6.2% to QAR33.7 billion. In the fourth quarter of 2012 Qtel’s group net income increased by 14.6% year-on-year to QAR523 million, up from QAR456 million in 4Q11, while revenues in October-December grew by 6.3% to QAR8.71 billion compared to QAR8.19 billion in the same quarter of the previous year. The group attributed the financial growth to increases in subscriber volumes, as higher annual turnover in Indonesia (Indosat, up by 3% to QAR8.8 billion in 2012), Qatar (up by 9% to more than QAR6 billion) and Iraq (Asiacell, up 16% to QAR6.9 billion) comfortably offset declines at Kuwait-based division Wataniya and Nawras in Oman, which both earlier reported separate financials. Qtel has a presence in 16 countries across the Middle East, Africa and Asia (17 until it shut down WiMAX operations in Jordan in December 2012).
Qtel’s new group brand ‘Ooredoo’ is due to make its first appearance in Qatar by 11 March, while the company is preparing to make a bid for Vivendi’s majority stake in Maroc Telecom of Morocco, with competitive bids expected from South Korea’s KT Corp and Etisalat of the UAE. Qtel is also eying up other foreign market entry opportunities in Libya and Myanmar.