RAMALLAH, Palestine, February 21, 2012/PRNewswire-FirstCall - MySolutionInfo/ --
- 9.4% Growth in Net Revenues to reach US$ 522m
- 14.6% Growth in EBITDA to reach US$ 232m
- 13.7% Growth in Operating Income (EBIT) to reach US$ 179m
- 11.6% Growth in Net Income Before Tax (EBT) to reach US$ 142m
- 5.1% Growth rate in Net Income
- Net Income reached US$ 128m
- Total Assets reached US$ 811m
- Shareholders Equity reached US$ 605m

Sabih Masri, Chairman of the Palestine Telecommunications Company, PalTel announced the financial results for year end 2011 at a Board of Directors meeting held earlier this month in Amman, Jordan.

Consolidated net operating revenues grew by 9.4% to reach US$ 522m at the end of year 2011 compared with US$ 477m at the end of year 2010. In regards to the operating revenues of each segment, the company achieved a growth in its mobile, fixed Line and data revenues by 9.7%, 4.6%, and 81.4% respectively.

The consolidated operating income for the company reached US$ 179m by the end of year 2011 compared with US$ 158m by the end of year 2010, a growth of 13.7%. This growth was achieved by an increase in consolidated revenues

and in light of the positive effect of the new operating strategy focusing management efforts on core telecom functions and outsourcing support functions.

The consolidated net income increased by 5.1% to stand at US$ 128m at the end of year 2011 compared with US$ 122m at the end of year 2010. The increase is operationally driven resulting from a dual strategy of maintaining existing customer loyalty and wining new customers across all segments. The growth in customer base was achieved across all core business including fixed line services.

Sabih Masri, Chairman of PalTel emphasized that, "the Group was able to achieve another impeccable set of operational results despite a difficult year of increased competition, regional turmoil and lingering financial crisis in global markets. The Group was able to wither the storm and achieve growth on all fronts continuing to gain customer confidence and brand recognition for reliable services. He also added, "The Group is forging ahead with its plans to lay the foundation for state of the art technology services; gaining an edge over its competitors and leading the path in building technology connectivity in Palestine."

Ammar Aker, CEO of Paltel Group stated, "We are proud to end 2011 with such positive results, during which we coped with increased exogenous challenges, and relied on our innate capacities and solid marketing schemes to gain more foothold in market share. We will continue aiming at gaining more market share from the remaining customer base still available for telecom inclusion. "We continue to be challenged by regional and global upsets in the financial markets affecting the general investment climate, despite the fact that our operational results are healthy and upward oriented.