Chairman of Ooredoo, Sheikh Faisal bin Thani Al Thani along with other officials during the annual general meeting, yesterday.
Doha, Qatar: Ooredoo held its Annual General Meeting (AGM) yesterday, where Shareholders discussed and approved the Company’s Corporate Governance Report and financial statements, following confirmation of full year results for 2023. During the meeting, shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of QR0.55 per share.
In his address to the meeting, Sheikh Faisal bin Thani Al Thani, Chairman of Ooredoo, highlighted the significant strides the company has marked towards its transformation into a smart telco, leveraging cutting-edge technology and strategic partnerships: “Our disciplined strategy not only navigated industry complexities but also unlocked shareholder value through operational efficiencies and key strategic initiatives, including the historic agreement with Zain Group and TASC Towers Holding, forming the largest telecommunications tower company in the MENA region.”
“Ooredoo Group demonstrated financial strength and continuous growth, delivering an all-time high reported Net Profit of QR3bn, maintaining healthy cash reserves and liquidity levels, and expanding our customer base to over 156 million across operations, including Indosat Ooredoo Hutchison,” he added.
As a result of strategic investments and effective market positioning, Revenue increased by 2% year-on-year to QR23.2bn in 2023, driven by strong performance in Iraq, Algeria, Kuwait and the Maldives.
This was partially offset by a decline in Revenue in Qatar, as well as in Myanmar and Palestine (due to foreign exchange depreciation).
Ooredoo’s focus on profitability led to an EBITDA of QR9.7bn, up by 4% year-on-year. EBITDA margin expanded by 1pp to 42% thanks to healthy service revenue growth and disciplined approach to cost
control.
Group Net Profit attributable to Ooredoo shareholders increased by 28% year-on-year to QR3bn in 2023. Normalized Net Profit grew by 16% YoY to reach QR3.3bn. The delivery of these strong Net Profit figures is a testament to the Group’s ongoing focus on profitability and efficient operational management.
Ooredoo Group expanded its customer base by 3% to 57.6 million customers, boosted by additions in most of the operations. Including IOH, the customer base reached a total of 156.4 million.
Highlights of the period include the establishment of the largest Tower company in the MENA region, the data centers transition into a new carrier neutral platform, and the establishment of a wholly owned Fintech holding company.
The following Members were appointed members of Ooredoo Board of Directors (Representatives of Qatar Investment Authority): Sheikh Faisal bin Thani Al Thani – Chairman, Dr. Nasser Mohammed Marafih – Member, Essa Hilal Al Kuwari - Member, Yousef Mohammed Al Obaidly - Member, Mohammed Saif Al Suwaidi – Member.
Also, the following candidates were elected members of the Ooredoo Board of Directors: Ahmed bin Ali Al Hammadi (representing the General Retirement &Social Insurance Authority) – Member, Sheikh Saud bin Nasser Al Thani (representing Wasit Trading Co.) - Member, Mohammed Nasser Al Hajri - Member, Abdulla Mubarak Al Khalifa (representing QNB) - Member, Nasser Rashid Al Humaidi - Member.
During the Company’s Extra Ordinary Meeting, the following item was discussed and approved: Approving the sale of a Portion of the Company Assets (Telecommunication Towers).
