Qtel AGM approves 30% cash dividend

The Annual General Meeting of Qatar Telecom (Qtel) on Monday approved the recommendation of the Board of Directors (BoD) to distribute a cash dividend of 30 per cent of the nominal share value (QAR 3 per share) and a bonus share of 30 per cent of the issued share capital. In addition, the General Assembly also approved the increase of authorised share capital to QAR 5 billion and a 40 per cent rights issue (two shares for every five shares held, after the distribution of bonus shares), at a price of QAR 75 per share. Addressing the meeting, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman, Qtel, spoke of the achievements realised by the company in 2011, and outlined the exciting opportunities presented by the Qtel Group’s refreshed strategy. Sheikh Abdullah said: “The Qtel Group has continued to see the benefits of a diversified financial base, both in terms of markets — with 82 per cent of revenue coming from outside Qatar in 2011 -and business segments. “We intend to use the fruits of our dynamic growth to improve the customer experience to strengthen the foundations of our business and to invest in new growth across our operations.” Driven by customer growth and market share gains across its diverse portfolio, Group revenue increased by 16.0 per cent, ending the year at QAR 31.8 billion. The Group’s consolidated customer base stood at 83.4 million at the end of the year, representing a 12.4 per cent year-on-year increase. Net profit attributable to Qtel’s shareholders (after normalisation for a one-off favourable decision the royalty regime in Qatar in 2010 of QAR 554 million) increased year-on-year by 11.6 per cent.