Qatar Telecom’s (Qtel) progress towards its ambitious financial and business targets will have a number of important benefits for Qatar, CEO Dr. Nasser Marafih told media at a press conference in Doha.

In the second quarter 2008, Qtel achieved record net profits of QR 655 million and recorded over 51 million consolidated customers, as the company’s presence in 16 countries continued to develop. Consolidated revenue for H1 stood at QR 8,110.7 million, up 102 percent on the same period in 2007 (QR 4,014.5 million), while EBITDA stood at 4,042.2, growth of 92 percent over the same period last year (QR 2,105.1 million).

“Even as storm clouds gather over major world economies, Qatar continues to shine brightly as the world’s fastest-growing economy.  The telecommunication sector has a key role to play in facilitating this growth and Qtel is well-positioned to ensure that we can continue to invest to keep pace with Qatar’s exciting development path,” said Dr. Marafih.

Qatar continues to be Qtel’s largest contributor in terms of revenue mix, contributing 32 percent to group revenue in H1 2008. Qtel now has more than 1.4 million customers in Qatar and the launch of innovative solutions like its complete corporate communications solution ‘Office in a Box’ and Qatar’s first BlackBerry service have also enhanced its position within the corporate sector. 

A major contributor to growth at Qtel has been its ongoing investment in strategic development and long-term growth in Qatar.

Moving forward, Qtel is prioritizing two major projects for the remainder of 2008, to enhance infrastructure and human resources. It is investing heavily in upgrading the communications network across Qatar to enhance quality and network speed.

Qtel is continuing to develop its network of GSM sites, most recently completing the installation of a base station on an uninhibited island in the Southeast of Qatar. 

As part of this project, Qtel is heavily engaged with the “Broadband Qatar” campaign, which aims to make affordable, high speed internet connectivity should be available to all. Qtel has invested significantly in building one of the most advanced 3G and 3.5G networks in the region, and is working hard to ensure that as many people as possible reap the benefits.

The company will also refocus its attention on its Qatarization strategy, which aims to recruit and develop the highest level of talent from the local population. Qatarization, which has been a long-standing strategic target for Qtel, has been given top management priority in 2008.

“However much we grow and develop internationally, Qatar remains at the heart of Qtel. Our record results we discuss today can only benefit the people of Qatar, both directly and indirectly,” said Dr. Marafih.

Qtel has also continued to expand its community and corporate social responsibility program, conducting a wide range of charitable and social initiatives throughout 2008. One of its most recent community activities – the 2008 Qtel Eid Festival – attracted over 40,000 visitors over the holiday.

© 2008 Mena Report (www.menareport.com)