Qtel to focus on growth areas in 2011.

ASIF IQBAL

DOHA QATAR Telecom (Qtel) which has presence in more than 17 countries will continue to enhance and expand its capabilities around several defining areas that show potential for growth and profits, including digital services, social media and mobility, its Chairman Sheikh Abdullah bin Mohammed bin Saud al Thani has said.

"We will continue to invest in assets and innovations that will set Qtel ahead of its competitors," he told the company annual general meeting (AGM) on Sunday.

He said the telecom operator is now reaping the benefits of its diversification strategy, and the group witnessed solid growth even during the challenging global economic times or challenging conditions within some markets.

"In turn, this international expansion has delivered solid returns for our stakeholders," he added.

Highlighting the achievements he said the Qtel Group delivered a number of key strategic initiatives in 2010 that position the company for growth in 2011.

He said among the key initiatives, the roll-out of a nationwide fibre network for ultraspeed internet is set for commercial launch in 2011.

Talking about the overseas performance of the group, he said "We are now a truly global business.

Qtel now generates more than 80 percent of its revenue outside of Qatar, and this trend will continue, with increasing revenues from our growth markets of Indonesia, Iraq, Tunisia, Algeria and Palestine.

Commenting on future investments he said Qtel would continue to examine the potential for strategic investments as opportunities present themselves.

However, it would continue to ensure that any investment made, fits within the strategy and with a balanced approach to the company's capital discipline.

On the financial results of the group, he said in 2010, Qtel maintained solid operational and financial progress with the group revenue rising by 13.1 percent to end 2010 at QR27.2 billion, compared to QR24 billion in 2009.

He said the net profit attributable to Qtel shareholders also grew 2.2 percent to QR2.9 billion compared to QR2.8 billion in 2009.

"The group's consolidated customer base stood at 74.1 million at the end of 2010," he said.

Later at the AGM the shareholders approved the recommendation of the board of directors to distribute a cash dividend of 50 percent of the nominal share value which works out to QR5.0 per share and bonus shares of 20 percent of share capital (one share for every five shares).

Finally, shareholders elected new board members of the group.

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