Qatar Telecom (Qtel)
is winning plaudits as it fares better than expectations amid difficult trading conditions and its ambitious growth plans start to take shape.
The former Qatari telecommunications monopolist reported a 12.2 per cent dip in net income for the first quarter to 711.43 million Qatari rials but that nevertheless beat earnings forecasts for the stock.
The company's income for the same period a year earlier was flattered because of gains on an earlier acquisition. More encouragingly, revenues increased 7.6 per cent to 8 billion rials.
That has led Qtel to set its forecasts for the year ahead at the top end of market expectations.
"On the back of Qtel's confident results call and its encouraging guidance, we reiterate our overweight [rating] on Qtel," analysts from JPMorgan wrote in a research note, giving the company a target price of 131 rials per share.
The bank noted Qtel recorded good performance in all segments of its domestic operations, while operations in Iraq and Algeria had grown strongly.
"Qtel discloses its full-year 2012 guidance of revenue growth of 4 to 9 per cent year-on-year and Ebitda [earnings before interest, taxes, depreciation and amortization] growth of 3 to 8 per cent year-on-year," the report said. "We are encouraged by the upper end of the guidance being 1 to 2 per cent higher than our current forecast, which is already ahead of Bloomberg consensus."
Qtel's shares have risen 27.5 per cent so far this year to 120.30 rials each. They fell 2.4 per cent in trading yesterday after a rights issue, increasing the number of shares by 40 per cent.
But that could be a buying opportunity, as the rights issue ought to help the company's growth plans, wrote analysts at NBK Capital in a research note.
"We view the rights issue positively as it will help improve Qtel's capital structure (2.1 times debt-to-equity as of March), support the operator's future mergers and acquisitions strategy, and also enhance the stock's liquidity," the report said.
The bank rates Qtel a "hold" with 4 per cent upside.
ghunter@thenational.ae
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
SPECS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
