Either Qtel or ADX (or both) were slow with the disclosures. Reuters reported on Qtel results yesterday . Qatar Telecom (QTEL) profit figures for third quarter 2008 are (EPS annualised in brackets):
EPS figures calculated from Net Profit / 146,666,700 shares outstanding.
QTEL share price as of 22 Oct 2008 was 144.60 dhs, so 2008 estimated PE is about 144.60 / 17.91 = 8.1, based on Q3 earnings, which is somewhat lower than the average market PE of about 10. 2008 PE estimate based on M9 earnings is 144.60 / 16.79 = 8.6, which is a bit more, and similar in price to Etisalat (ETISALAT) shares (see ETISALAT 2008 Q3 report), the only other comparable telecom stock listed in the UAE. Du Telecom (DU) doesn't really count since they're still starting up and have yet to make a profit.
QTEL shares on the ADX (secondary listing - primary listing is in Doha) fell 7.75% to AED 131.00 today, on thin trading (less than three thousand shares in total).
Qatar Telecommunications Company (QTEL) posted a 50.4 per cent rise in third-quarter net profit attributable to shareholders to QR620 million ($170.3 million).
The company made QR1.8 billion in the nine months ended September 30, compared with QR1.3 billion in the same period a year earlier, it said in a statement on Tuesday, without giving a quarterly figure, which Reuters calculated based on earlier financial data.
Qtel's earnings per share in the nine months ended September 30 was QR14.65 compared with QR11.36 a year earlier.
Doha, Qatar: Qatar Telecom QSC (QTEL) today announced record financial results for the period ending September 30, 2008, following positive growth across all metrics.
In the first nine months of 2008, Qtel achieved record revenues of QR 14.27 bn. The Group's net profit for the same period reached QR 1.83 bn, 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 QR 6.16 bn (Q307: QR 2.89 bn) 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 QR 2.95 bn. 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 QR 14.27 bn (9M07: QR 6.90 bn) 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 QR 6.99 bn. Group's net profit attributable to the shareholders stood at QR 1.83 bn 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.
Results of Major Operations
"Qtel's ambitious growth strategy is built upon an excellent financial foundation, which has positioned the company to benefit from group synergies and increasing performance across our core markets. Our positioning in high value markets like Kuwait and Qatar and high potential markets in Asia provides us with a strategic platform for ongoing expansion," said Qtel Chief Executive Officer, Dr Nasser Marafih.
Qtel operations in Qatar delivered strong results in the first nine months of 2008, with revenue growing 23% to QR 3.97 bn (9M07: QR 3.25 bn). Qtel continued to develop its commitment to provide world class products and value-added services, through a highly popular program of summer promotions, in addition to an innovative range of unique services during the Holy Month of Ramadan.
Wataniya Telecom, which covers Qtel operations in Kuwait, Tunisia, Algeria, Saudi Arabia and the Maldives also achieved a robust Group performance. Wataniya's total customer base increased 30% to 10.7 million customers registering revenue of QR 4.83 bn in the first nine months of 2008.
Nawras, the brand name for mobile operations in Oman, continues to deliver excellent results, increasing revenue from QR 610 m to QR 953 m (a 56% increase over 9M07). Nawras continues to command a significant share of the Omani mobile market, finishing Q3 2008 at a 46% market share.
AsiaCell's Iraqi operations contributed 14% of total revenues in 9M 2008, with a similar contribution to Group EBITDA. Sustained customer growth in this strategic market resulted in 5.6 million customers at the end of Q3 2008.
Our Indonesian operation, Indosat, continues to benefit from growth in their market, contributing 17% to group revenues for 9M 2008 (post acquisition) and ending the period with 36.3 million customers.
"Qtel continues to benefit from the commitment and professionalism of our management and employees across all markets," commented Sheikh Abdullah in closing. "Their engagement and dedication is enabling us to maintain a robust financial profile and boost organic growth across key markets. Combined with our success in securing value-enhancing acquisitions, we believe we are on track to be among the top 20 global telecom operators by 2020."
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