Investors bought up shares of Qatar Telecom yesterday after first-quarter net profit exceeded analyst estimates amid expectations of an initial public offering for the company's Iraq business.
Profit in the first three months reached 711.4 million riyals for the mobile operator, based in Doha, beating the 644m-riyal consensus of analysts. The company, also known as Qtel, made 810.8m of net income in the same period last year.
"Qtel continues to deliver solid numbers and perform ahead of expectations," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.
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