Ooredoo chairman HE Sheikh Abdulla bin Mohamed bin Saud al-Thani has outlined the “success of the company’s strategy for becoming a global data experience leader”, pointing to the “strength of its network” across markets in the Middle East, North Africa and Southeast Asia, as well as the company’s “remarkable” data revenue growth in 2016.
He was addressing Ooredoo shareholders at the company’s annual general meeting at the Four Seasons yesterday.
Data revenue jumped to 40% of group revenues in 2016, a “new record” for the company and an important sign that its strategy is delivering real and sustainable returns for stakeholders. Sheikh Abdulla also pointed out that important highlights from 2016 included its success in adding 22mn new customers to reach a total of 138mn by year-end, representing a year-on-year growth of 19%.
Group revenue for 2016 increased by 1% to QR32,503mn (FY 2015: QR32,161mn), supported by “positive” revenue growth in local currency terms.
Group EBITDA increased by 3% at QR13,379mn (FY2015: QR13,018mn) with EBITDA margin increasing to 41% (FY 2015: 40%). Net profit attributable to Ooredoo shareholders for 2016 was QR2,193mn (FY 2015: QR2,118mn).
“What all our markets have in common is rising demand for data services, with data revenue growing ahead of the pace of their wider economies. This trend is transforming the telecommunications industry. Customer demand for data continues to rise exponentially and companies need to provide both the networks that can meet this demand, and the processes that make it possible to successfully monetise it. That is why Ooredoo is transforming its offering and looking to become a data experience leader. We are providing a leading network experience, great apps and access to impressive content,” Sheikh Abdulla said.
At the annual general meeting, Ooredoo shareholders approved the recommendation of the board of directors to distribute a cash dividend of 35% of the nominal share value, which amounts to QR3.5 per share.
They also approved the company’s corporate governance report and financial statements for 2016.
Serving consumers and businesses in some 10 countries, Ooredoo delivers the “leading” data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo served 138mn customers and generated revenues of nearly QR33bn as of December 31 last year.
Sheikh Abdulla, along with other Ooredoo board members and officials, addressing shareholders at the company’s annual assembly general meeting at the Four Seasons yesterday. PICTURE: Noushad Thekkayil
