Tribune News Network
Doha
Ooredoo held its Annual General Meeting (AGM) on Tuesday, during which shareholders approved the company’s corporate governance report and financial statements for the year 2024. The meeting also saw the approval of the board of directors’ recommendation to distribute a cash dividend of QR0.65 per share.
In his address to shareholers on the occaion, Ooredoo Chairman Sheikh Faisal bin Thani Al Thani emphasised the company’s significant progress in its transformation into a leading digital infrastructure provider through strategic investments and global connectivity expansion.
“The year 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,” he said.
Ooredoo reported strong financial performance for the third consecutive year, with record-high earnings surpassing $1 billion in normalised net profit for the first time, while maintaining healthy cash reserves and liquidity levels.
Revenue increased by 2 percent year-on-year to QR23.6 billion, driven by strong performances in Iraq, Algeria, Kuwait, Tunisia, and the Maldives, though partially offset by revenue declines in Qatar and Oman.
The company’s focus on profitability resulted in an EBITDA of QR10 billion, reflecting a 3 percent year-on-year increase. The EBITDA margin expanded by one percentage point to 42.5 percent, supported by service revenue growth and disciplined cost control measures. Net profit attributable to Ooredoo shareholders surged by 14 percent year-on-year to QR3.4 billion, while normalised net profit climbed 12 percent to QR3.7 billion, underscoring the Group’s ongoing focus on profitability and efficient operational management.
Ooredoo ended 2024 with a total of 51.5 million customers, marking a 5 percent year-on-year increase, excluding Ooredoo Myanmar.
Including Indosat Ooredoo Hutchison (IOH), the total customer base reached 146.2 million. The company also launched the MENA Digital Hub, a carrier-neutral data centre, and partnered with NVIDIA as a Cloud Partner in the region. Additionally, Ooredoo secured the ‘Fibre in Gulf’ project through Alcatel Submarine Networks, the largest subsea cable ever built in the GCC, further strengthening its regional connectivity.
Ooredoo Fintech expanded beyond its market leadership in Qatar and the Maldives with the launch of its digital wallet, Walletii, in Oman.
During the AGM, shareholders approved several key items, including the board’s report for the year ending December 31, 2024, and the company’s future business plans.
Other approved resolutions included the corporate governance report for 2024, the external auditor’s report for 2024, and the compliance report of the QFMA Corporate Governance & Internal Control over Financials Reporting.
Shareholders also discharged the board of directors from liabilities and determined their remuneration for 2024. Additionally, the appointment of an external auditor for 2025 and the determination of its fee were approved.
With its strategic initiatives and financial discipline, Ooredoo remains committed to driving shareholder value and further solidifying its position as a leading telecommunications and digital infrastructure provider in the region.
