Ooredoo board approves 35% cash dividend

06/03/2018 06:07 AST

A cash dividend of 35 per cent of the nominal share value (QR3.5 per share) was approved by the shareholders of Ooredoo at the annual general meeting (AGM) which took place on Monday.

The shareholders also discussed and approved the company’s corporate governance report and financial statements for 2017. “Ooredoo delivered positive results across our markets in 2017, and we have built strong networks and an appealing range of digital products and services that will serve as the foundation for our next stage of growth and digital transformation,” said Sheikh Abdulla Bin Mohammed Bin Saud Al Thani, chairman, Ooredoo.

“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,” he added.

Highlights from 2017 include group revenue increasing to QR32.7 billion, driven by strong contributions from Indonesia, Iraq, Kuwait, Maldives and Oman. Excluding foreign exchange translation impact, revenues increased by 2 per cent, compared to the reported one per cent revenue increase. The company’s customer base increased 18 per cent to 164 million.

Group earnings before interest, tax, depreciation and amortisation (Ebitda) increased 3 per cent to QR 13.8 billion with a corresponding increase in Ebitda margin to 42 per cent. Group net profit to Ooredoo shareholders was QR2.0 billion.

Importantly, data revenue stood at QR15.3 billion in 2017, up 16 per cent from QR13.1 billion in 2016, and group revenue from business services was QR5.5 billion.

“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 chairman of Ooredoo said.

Times of Oman