Regional Top News:


Thursday, September 09, 2010 2:57 GMT

News

Qatari Qtel on Track to Meet 09 Profit Target: CEO


Qatar Telecom expects to meet its target of up to 11% profit growth this year as it eyes acquisitions and licences in the Middle East and Asia, the company’s chief executive, said. In March, Qtel, which operates in 17 countries, forecast its net profit in 2009 to grow between 9% and 11% from US$615 million in 2008.
“We believe we are on target,” Nasser Marafih told Zawya Dow Jones on the sidelines of a telecom conference in Dubai. Qtel’s third-quarter net profit rose 9% from the year earlier period, beating most analyst forecasts as an improving global economy and product innovation helped boost earnings.

Qtel, which lost its local monopoly with Vodafone Qatar this year, is eyeing acquisitions and licences in the Middle East, North Africa and Asia regions, including countries such as Libya. “In Libya, we are waiting for the government to make an announcement when they are going to start the process,” Marafih said, without elaborating.
The Persian Gulf telecom operators such as Qtel have been on the hunt for licences and acquisitions outside their home markets, where they are losing market share to rivals and where mobile penetration in some countries tops 100%.

Vodafone Qatar, a unit of Vodafone Group, started operations in 2009 in a bid to tap into one of the world’s fastest-growing economies and the country’s high per capita gross domestic product. Qtel, which currently has over 53mn subscribers, wants to become one of the top 20 telecom operators in the world by 2020. Qtel is still studying opportunities in Iran, Marafih said. “We have not decided on how to move because we still need clearance from the government,” Marafih said. - Gulf Times


published:08/12/2009 09:11 GMT

Related News

Qatar Telecom Q3 Net Profit Rises by 9% 24/10/2009 10:04 GMT
Qatar Keen to Invest in Iran 08/09/2009 06:09 GMT
Qatari State-linked Firms Eye Bonds 02/06/2009 08:09 GMT
Qatar Telecom Aims to Raise US$1 Billion 28/05/2009 06:42 GMT