By Andy Sambidge
Telco which ended Ooredoo's monopoly in Qatar posts $24.4m for nine months to Dec 31
Vodafone Qatar, an affiliate of Vodafone Group, said on Wednesday that it posted a profit of QR89m ($24.4 million) for the nine months to the end of last year, reversing losses in the year-earlier period.
Vodafone, which ended Ooredoo's domestic monopoly in 2009, grew its mobile subscriber base by more than a quarter in the same period, it said in a statement.
It said at the end of December 2013, it had a total of 1,273,000 mobile customers, up 27 percent compared to December 2012.
Total revenue reached QR1.43 billion, representing 31 percent growth while the mobile average revenue per user (ARPU) increased to QR125, up 3.6 percent year-on-year.
The telco said distributable profits totalled QR89m; compared to a loss of QR25 million for the same period last year.
Vodafone Qatar chairman, Dr Sheikh Khalid Bin Thani Al Thani, said: "Generating positive distributable profits is a key target of ours and should give shareholders confidence, that the business is moving in the right direction.
"These are a very strong set of results for Vodafone Qatar. The increase in our customer numbers enabled a 31 percent improvement in revenue year-on-year and with continued focus on cost efficiencies, our EBITDA profits grew by 89 percent."For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.