Qtel 9M revenue hits record QR14.27bn, registering 107% YoY growth

In the first nine months of 2008, Qtel achieved record revenues of QR14.27bn.

The Group's net profit for the same period reached QR1.83bn, representing more than any full year net profit to date, and registering 41% YoY growth.

The Group's consolidated customers grew to a record 55.7 million representing an increase of 287% over the same period in 2007.

"Qtel continues to make important strides towards our strategic goals. Our financial performance this quarter demonstrates how effectively we are integrating new territories and innovative business lines into the Group's development. Having embarked on an ambitious program of growth over the past few years, we are now realizing the benefits of the growth and diversification of our operations."

said Qtel Chairman, H. E. Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, announcing the results.

"We have delivered sustained and positive growth in Group revenue, EBITDA and net profit as a result of another strong quarter. Our growing global footprint in a diverse range of markets is delivering excellent returns for the Qtel Group."

In the third quarter of 2008, Qtel delivered tremendous results across all financial metrics.

Consolidated group revenue grew 113% to QR6.16bn as a result of strong returns from across its regional operations.

EBITDA has increased 115% in the third quarter of 2008 compared to the same period last year, to stand at QR2.95bn.

The third quarter of 2008 also saw the first full quarterly results from Indosat consolidated into the Qtel Group's financial statements.

In the first nine months to 30 September 2008, Consolidated group revenue grew 107% to QR14.27bn driven by growth in key markets and as a result of Qtel's international expansion.

EBITDA has increased 101% in the first nine months of 2008, compared to the same period last year, to stand at QR6.99bn.

Group's net profit attributable to the shareholders stood at QR1.83bn for the nine months: an increase of 41% over the same period last year.

Based on results from the first nine months of 2008, Qtel's six largest markets by revenue are Qatar, Indonesia (post acquisition), Kuwait, Iraq, Algeria and Tunisia contributing 28%, 17%, 16%, 14%, 9% and 7% respectively.

Qtel remains confident of the growth prospects of each of these major markets, as well as the potential for development of other high-growth markets such as Palestine.