Ooredoo holds Annual General Meeting
During the Meeting, shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of QAR 0.65 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 evolution into a leading digital infrastructure provider through strategic investments and the expansion of our global connectivity footprint: '2024 was another solid year for Ooredoo Group, seeing substantial growth across all key financial metrics and delivering value to our stakeholders as we continue to diligently execute our strategy. The Group made robust operational progress, and our strong results demonstrate that our strategy is working in delivering strong shareholder returns.'
'For the third year in a row, we report strong growth in all key financial metrics, closing 2024 with record-high earnings that surpassed USD 1 billion in Normalised Net Profit for the first time, while maintaining healthy cash reserves and liquidity levels,' he added.
As a result of strategic investments and effective market positioning, Revenue increased by 2% year-on-year to QAR 23.6 billion in 2024, driven by strong performance in Iraq, Algeria, Kuwait, Tunisia and the Maldives. This was partially offset by a decline in Revenue form Qatar and Oman.
Ooredoo's focus on profitability led to an EBITDA of QAR 10 billion, up by 3% year-on-year. EBITDA margin expanded by 1pp to 42.5% thanks to healthy service revenue growth and disciplined approach to cost control.
Group Net Profit attributable to Ooredoo shareholders increased by 14% year-on-year to QAR 3.4 billion in 2024. Normalised Net Profit grew by 12% YoY to reach QAR 3.7 billion. The delivery of these strong Net Profit figures is a testament to the Group's ongoing focus on profitability and efficient operational management.
The best-in-class network and unmatched customer experience is attracting more customers to the network, ending 2024 with a total of 51.5 million customers, reflecting a 5% increase YoY (excluding Ooredoo Myanmar). Including IOH, the customer base reached a total of 146.2 million.
Highlights of the period include the establishment of MENA Digital Hub, Ooredoo's new carrier-neutral data centre company. Ooredoo also collaborated with NVIDIA, becoming their Cloud Partner in the region. Ooredoo acquired, through Alcatel Submarine Networks, the 'Fibre in Gulf' project - the largest subsea cable ever built in the GCC - connecting all GCC countries and beyond. Ooredoo Fintech continues to expand beyond its market leadership in Qatar and the Maldives, launching walletii in Oman.
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 2024.
Hearing the External Auditor's report for the year ended 31st December 2024.
Discussing and approving the Company's financial statements for the year ended 31st December 2024.
Discussing and approving the Compliance report of the QFMA Corporate Governance & Internal Control over Financials Reporting report for the year ended 31st December 2024.
Discussing and approving the Board of Directors' recommendations regarding the distribution of dividends for the year 2024.
Discharging the Members of the Board from liabilities and determining their remuneration for the year ended 31st December 2024.
Appointing the External Auditor for the year 2025 and determining its fee.
About Ooredoo
Ooredoo is an international communications company operating across the Middle East, North Africa, and Southeast Asia. Serving consumers and businesses in nine 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 2024. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.
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