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FINANCIAL NEWS
Iraq- AsiaCell eyes 30% rise in revenue this year
08 Jun 2010
(MENAFN) The Chief Executive Officer at AsiaCell, Iraq?s main mobile operator, said that the company expects revenue to grow almost 30 percent this year, boosted by demand from an influx of foreigners working in the oil sector, Reuters reported.
Diar Ahmed said the company, in which Qatar Telecom (Qtel) has a 30 percent stake, would lift revenue to between $1.4 billion and $1.5 billion, compared with $1.1 billion in 2009, despite a global downturn and a tough investment climate.
AsiaCell had 8 million subscribers or almost 38 percent of a market with 70 percent penetration.
Tough competition among Iraq?s current customer base of around 19 million came from Kuwait?s Mobile Telecommunications Co and Korek, based in Iraq?s Kurdish-run north, Ahmed said.
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