Syria’s leading mobile operator by subscribers, SyriaTel, reported a 4.7% year-on-year rise in revenues last year to SYP48.2 billion (USD1.07 billion), according to its unaudited financial statements published yesterday. Net profits were up 15% y-o-y at SYP7.3 billion, it added, while the company’s total equity value increased by 15% to SYP19.6 billion as at 31 December 2009.
According to TeleGeography’s GlobalComms Database SyriaTel has been Syria's leading mobile operator by subscribers since it was established by Orascom Telecom of Egypt and holding company Drex Technologies, in 2000. Having been awarded a 15-year build-operate-transfer (BOT) contract at the start of 2001 by the Syrian Telecommunications Establishment (STE), the company launched services over its GSM-900/1800 network in April in Damascus, Allepo, Homs, Hamah, Tartous and Latakieh, and soon captured 120,000 subscribers. By 30 September 2009, the cellco, which is now 51%-owned by Syrian businessman Rami Makhlouf via Drex Technologies, had a total of 4.92 million customers, a market share of 55.16%.