Ooredoo poised for next stage of growth

05/03/2018 06:10 AST

Sheikh Abdulla bin Mohammed Al Thani, Chairman of Ooredoo Group, has stated that the group has delivered positive results across its markets in 2017. Addressing Ooredoo's Annual General Meeting here yesterday, Sheikh Abdullah said Ooredoo has built strong networks and an appealing range of digital products and services that will serve as the foundation for its next stage of growth and digital transformation.

"Our efforts are sustained by a vibrant and successful brand. The Ooredoo brand has rolled-out across all our major markets, and our message about "Enriching Digital Lives" resonates with young people from Tunis through to Jakarta, and of course with the youth of Qatar, Kuwait and Oman," Sheikh Abdulla told the shareholders in his address at the company's Annual General Meeting.

The shareholders discussed the company's Corporate Governance Report and financial statements for 2017, and approved all the items on the agenda, including the Board's recommendation to distribute a cash dividend of 35 percent of the nominal share value, equivalent to QR3.5 per share.

The Group's revenue for 2017 increased to QR32.7bn, driven by strong contributions from Indonesia, Iraq, Kuwait, Maldives and Oman. Excluding Foreign Exchange translation impact, revenues increased by 2 percent, compared to the reported 1 percent revenue increase. The company's customer base increased 18 percent to 164 million.

Group EBITDA increased 3 percent to QR13.8bn with a corresponding increase in EBITDA margin to 42 percent. Group net profit to Ooredoo shareholders was QR2bn.Importantly, data revenue stood at QR15.3bn in 2017, up 16 percent from QR13.1bn in 2016, and Group revenue from business services was QR5.5bn.

On the financial performance and business strategy of the Group the Chairman, said: "Our growth in data and business services underlines the important strategic shift that Ooredoo is making. Years ago, we recognised that data and digital services were the future - we are now reaching the point where these services will surpass the revenue that the Group generates from voice and SMS. To sustain this growth, we will continue to build our global network and take a lead in 5G services."

The following members were appointed as Ooredoo Board of Directors: Sheikh Abdulla bin Mohammed Al Thani (Chairman); H E Ali Shareef Al Emadi; Mohammed bin Eissa Al Mohannadi; Dr Nasser Mohammed Marafih; Aziz Aluthman Fakhroo. Also, the following candidates were elected members of the Ooredoo Board of Directors: Nasser Rashid Al Humaidi, Ibrahim Abdullah Al Mahmoud, General Retirement & Social Insurance Authority- represented by Turki Mohammed

Al Khater, Ali Bin Ghanim Al Thani Group- represented by Sheikh Ali bin Ghanim Al Thani; QNB- represented by Ali Ahmed Al Kuwari.

The Peninsula