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Ooredoo net profit rises 10% to QR1.7 bn in 2019

Tribune News Network
Doha
Ooredoo Group on Thursday announced that its net profit attributable to Ooredoo shareholders increased by 10 percent to QR1.7 billion in 2019 as compared to last year.
According to a company statement, the growth was driven by an increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) and a more favourable foreign exchange environment compared to 2018.
Ooredoo Qatar, Kuwait, Tunisia, Iraq and Indonesia performed well. Furthermore, Ooredoo Indosat’s profit benefited from the sale of 3,100 towers.
The telecom firm’s reported group revenue was stable at QR29.9 billion, in spite of the industry wide shift from voice to data consumption, a reduction in handset sales as well as macroeconomic and currency weakness in some of our markets.
Based on the results, the board of the company has recommended the distribution of a cash dividend of QR0.25 per share. Additionally, the board has also approved a sustainable and progressive dividend policy for the company, aiming for a dividend payout in the range of 40 percent to 60 percent of normalised earnings.
The customer base was 117 million, up by 2 percent as compared to 2018, mainly driven by new customers in Indonesia, Myanmar and Kuwait.
“In 2019, we made good progress with the execution of our ambitious digital transformation strategy, transforming our core user experience online and making it easier for our customers to find and use our services. We continued to invest in our-state-of-the-art network, as well as introducing and enhancing 5G services in key markets to support the next generation of digital services,” Ooredoo Chairman Sheikh Abdulla bin Mohammed bin Saud al Thani said.