Ooredoo held its annual general meeting Tuesday, where shareholders discussed and approved the company’s corporate governance report and financial statements, following confirmation of final year results for 2022.
During the meeting, shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of QR0.43 per share.
In his address to the meeting, Sheikh Faisal bin Thani al-Thani, chairman, Ooredoo Board of Directors highlighted the innovation-led initiative of Ooredoo employees working to realise the company’s vision.
“We are proud to announce some of the strongest results in our organisation’s history. Ooredoo has been on a tremendous journey of business transformation in recent years, restructuring our organisation and driving profitability in our core. This transformation enabled us to deliver growth across all key metrics in 2022.
“In 2023, our intention is to pursue strategic options that will unlock significant capital and maximise shareholder value. Alongside this value creation, we are dedicated to generating Environmental and Social progress. We are pleased to have contributed to one of our nation’s proudest moments, with the hosting of the first 5G-powered FIFA World Cup in history,” he added.
Proforma revenue for 2022 rose by 4% to QR22.7bn compared to QR21.9bn in 2021.
Group normalised EBITDA for the period was QR9.1bn with a corresponding EBITDA margin of 40%.
The 2% EBITDA drop was driven by higher cost of sales and OPEX in Iraq and higher staff cost at Group level (also after adjusting for the new orientation within Indonesian telecommunications), partially offset by stronger EBITDA performances in other markets.
Normalised net profit for the period stood at QR2.8bn compared to QR2.2bn in 2021.
Normalised free cash flow increased 3% to reach QR6.4bn.
The consolidated customer base stood at 56mn, driven by growth in most markets offset by a decline in Myanmar.
Sheikh Faisal bin Thani al-Thani, chairman, Ooredoo Board of Directors.
