Sheikh Abdulla bin Mohammed bin Saud Al Thani (centre), Ooredoo Chairman; Sheikh Saud bin Nasser Al Thani (second right), Ooredoo Group CEO; and other board members and senior officials during the AGM, yesterday.
Ooredoo Chairman Sheikh Abdullah bin Mohammed bin Saud Al Thani yesterday announced that Ooredoo would soon be offering surprise 5G services to its subscribers, which will take effect from the upcoming Emir’s Cup until the FIFA World Cup 2022.
Sheikh Abdullah, while speaking at the company’s annual general meeting, said the new services, which will be announced at the Emir’s Cup, are part of the company’s special offer in the run up to the FIFA World Cup 2022 and commitment to digital technology.
He added, “It is clear our markets all have strong demand for data services, with data revenue growing at a pace ahead of other contributing factors. We are seeing a transformation in the telecommunications industry landscape as a result; a transformation that is enabling us to consolidate and further enhance our position within the market thanks to our superior data network services and technology, and our absolute commitment to improving customers’ digital lives. We look forward to continuing this progression in 2019”.
During the meeting, the shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of 25 percent of the nominal share value (QR2.5 per share). The company’s Corporate Governance Report and financial statements as well as the confirmation of final year results for 2018 have also been approved.
Speaking about the company’s 2018 performance, Sheikh Abdullah said Ooredoo recorded revenues of QR29.9bn, with strong contributions from Oman and Kuwait, with EBITDA at QR12.2bn and EBITDA margin of 41 percent.
Net profits to Ooredoo shareholders were QR1.565bn, with net profits in Q4 much improved compared to the same period in 2017, which was credited to reduced operational cost and tax. B2B revenues were QR5.2bn, reflecting Ooredoo’s continued support of its business, SME, and government customers, Sheikh Abdullah added.
He also said that significant revenue contributions came from data, with strong contributions from Qatar and Indonesia resulting in data revenue reaching 47 percent or QR14.2bn, crediting it to the success of the group’s development and growth strategy.
Sheikh Abdullah also said that Ooredoo was working to digitally transform its operations and reiterated the company’s commitment to building a better digital future for its customers.
He also said, “Our lead in adopting new technologies was clear across all of our markets, and particularly in Qatar, where we have launched the world’s first 5G commercial network, and we were the first operator to test self-driving 5G connected aerial taxis. In Oman, we launched the pre- 5G technology through our home broadband program. While in Algeria we were the first operator to roll out 4G in 48 regions. In Palestine, we launched 3G in the West Bank for the first time. Also, to cope with the structural changes in the global telecoms sector, we have made some important changes in the management of some OpCo’s and took steps to optimize costs to provide strong returns to our shareholders”.
During the event, Sheikh Abdullah also highlighted the revision of the Group’s Standard & Poor’s rating from negative to stable, reaffirming the rating of the Group as an issuer at A-2/A-, amidst a general revision of Qatar’s ratings.
