Ooredoo Holds Annual General Meeting
The General Assembly Approves Distribution of Dividend of QAR 0.55 per Share
6 March 2024
Doha, Qatar
Ooredoo held its Annual General Meeting today, 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 QAR 0.55 per share.
In his address to the meeting, H.E. 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 QAR 3 billion, 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 QAR 23.2 billion 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 QAR 9.7 billion, 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 QAR 3 billion in 2023. Normalized Net Profit grew by 16% YoY to reach QAR 3.3 billion. 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.
During the Company’s AGM, the following items were discussed and approved:
- Hearing and approving the Board’s report for the year ended 31st December 2023 and discussing the Company’s future business plans.
- Discussing the Corporate Governance Report for the year 2023.
- Hearing the External Auditor’s report for the year ended 31st December 2023.
- Discussing and approving the Company’s financial statements for the year ended 31st December 2023.
- Discussing and approving the Compliance report of the QFMA Corporate Governance & Internal Control over Financials Reporting report for the year ended 31st December 2023.
- Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2023.
- Discharging the Members of the Board from liabilities and determining their remuneration for the year ended 31st December 2023.
- Appointing the External Auditor for the year 2024 and determining its fee.
- Election of the Board Members.
The following Members were appointed members of Ooredoo Board of Directors (Representatives of Qatar Investment Authority):
- E. Sh. Faisal Bin Thani Al Thani- Chairman
- 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
- Saud Bin Nasser Al Thani (representing Wasit Trading Co.) - Member
- E. Mr. 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).
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About Ooredoo
Ooredoo is an international communications company operating across the Middle East, North Africa, and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo generated revenues of QAR 23 billion as of 31 December 2023. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.
