Vodafone Qatar is investing heavily in both wireless and fixed infrastructure, most notably in expanding its 5G network, said company chairman Abdulla bin Nasser al-Misnad.
He was addressing Vodafone Qatar’s general assembly meeting in Doha yesterday.
Addressing the shareholders, al-Misnad said, “Vodafone Qatar is completely aware of the rapid pace of innovation and digital transformation taking shape around us and we at Vodafone Qatar are confident that our winning strategy to pioneer digital innovation will sustain our profitable growth. For this, we are investing heavily in both our wireless and fixed infrastructure, most notably our expanding 5G network.
“In addition to leading the roll-out of 5G, we have been the first to make 5G commercially available with a wide range of plans and exclusive 5G products. On top of this, we are bringing other innovative digital services and products to the market including the latest in home and business solutions.” He said, “Despite the challenges being faced by the sector as a whole, Vodafone Qatar demonstrated sustainable growth in 2019, with a 22% growth in net profit to QR144mn. The company also delivered a 1% increase year-on-year in total revenue to reach QR2.12bn and service revenue grew by 2.4% to reach QR1.94bn.
“In 2020, we will continue to execute our clear strategy with a large focus on capitalising on the enormous opportunity that 5G technology provides. We will also continue to drive efficiencies that allow us to deliver strong operational results and shareholder value. We are excited by our plans for this year; both consumers and businesses can expect continued leadership in innovation from us in technology, products and services,” al-Misnad added.
Vodafone Qatar’s Ordinary General Assembly approved all resolutions on the agenda including the Board of Directors proposal to distribute a cash dividend of 5% of the nominal share value, i.e. QR0.05 per share.
The meeting also covered the Board of Director’s report detailing the company’s activities and its financial position for the financial year that ended in December 2019.
The shareholders reviewed and endorsed the external auditor’s report on the company’s accounts for the financial year that ended in December 2019 and the external auditor’s reports on the company’s corporate governance and internal control over financial reporting. It was also approved unanimously that Deloitte & Touche be reappointed the company’s auditors for financial year 2020.
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