Doha, Qatar: The Annual General Meeting of Qatar Telecom (Qtel) QSC today approved the recommendation of the Board of Directors to distribute a cash dividend of 50 percent of the nominal share value (QAR 5.0 per share) and bonus shares of 20 percent of share capital (one share for every five shares).

Addressing the general assembly, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman, Qtel, outlined Qtel's success in building solid foundations for ongoing growth both at home in Qatar and internationally, and expressed his confidence in the forward momentum of the company.

His Excellency Sheikh Abdullah said: "We are investing in the infrastructure that will develop our offering across all markets by focusing on diversification and advanced services like home and mobile broadband which will realise high value for our operations."

"At the same time, we are enhancing and expanding our capabilities around several defining areas that show potential for growth and profits, including digital services, social media and mobility. We will continue to invest in assets and innovations that will set Qtel ahead of its competitors," he added.

"The directives of His Highness the Emir have ensured the success of businesses across Qatar, and we pay tribute to the vision and guidance that have made Qatar one of the world's most dynamic economies. Our firm foundations at home have enabled us to continue to push boldly into new markets," he concluded.

The Qtel Group delivered a number of key strategic initiatives in 2010 that position the company well for growth in 2011. Among the key initiatives, the roll-out of a nationwide fibre network for ultraspeed Internet, achieved key project milestones, and is set for commercial launch in 2011. The company also signed, via Wataniya Telecom, an agreement to acquire another 25 percent shareholding in Tunisiana raising its stake to 75%. Solid growth was achieved across both mature and emerging markets throughout Qtel's footprint.

"The benefits of our diversification strategy are evident: it has allowed Qtel to continue to enjoy solid growth as a Group even during challenging global economic times or challenging conditions within some markets. In turn, this international expansion has delivered solid returns for our stakeholders," said His Excellency Sheikh Abdullah.

Reflecting the company's ongoing growth, earnings per share (EPS) have grown from QAR 11.90 in 2005 to QAR 19.69 in 2011

In the twelve months ended 31 December 2010, Qtel maintained solid operational and financial progress. It saw robust full-year Group revenue performance, with revenue increasing by 13.1 percent to end 2010 at QAR 27.2 billion (FY 2009: QAR 24.0 billion).

In the same period, net profit attributable to Qtel shareholders also grew 2.2 percent to QAR 2.9 billion (FY 2009: QAR 2.8 billion) and at 31 December 2010, the Group's consolidated customer base stood at 74.1 million. EBITDA performance in 2010 was also strong, increasing 11 percent over the year to QAR 12.5 billion (FY 2009: QAR 11.2 billion). EBITDA margin remained resilient during the period, standing at 46 percent (FY 2009: 47 percent).

In line with the global development, Qtel has committed to continue to invest in growth and development within Qatar and across its global markets.

Throughout its ongoing growth, Qtel has maintained its commitment to Qatarisation, attracting the best and brightest of the next generation, and working to ensure it retains and develops existing talent. By end of 2010, the Qatarisation level at Qtel stood at over 38 percent and the company continues to examine ways to increase this representation.

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