Vodafone Qatar has announced a net profit of QR601 million for 2024, marking an 11.2% increase compared to the previous year, primarily driven by growth in EBITDA. Total revenue rose by 2.5% year-on-year, reaching QR3.2 billion, with service revenue reaching QR2.8 billion, reflecting growth across all business segments, including mobility, managed services, fixed broadband (Gigahome), handsets, and others.
EBITDA for the year increased to QR1.4 billion, representing a 6.1% growth from the previous year, driven by higher service revenue and continued success in the company’s cost optimisation program. As a result, the EBITDA margin reached 42.8%, up by 1.4 percentage points, while the underlying EBITDA margin, excluding equipment and one-offs, stood at 45.8%.
Vodafone Qatar now serves 2.1 million mobile customers, a strong base that has contributed to a return on capital employed of 11.7% in 2024, an increase of 1.1 percentage points compared to FY 2023. This reflects effective capital allocation in both existing and new areas, driving revenue diversification and profitable growth.
The company’s board of directors has recommended a 12% cash dividend (QR0.12 per share) based on its strong financial performance, to be presented at the upcoming Annual General Assembly for approval. In line with Vodafone Qatar’s commitment to shareholder value, the board also announced the fulfilment of its dividend policy, distributing 12% of the nominal value. A new dividend policy has been adopted, with a minimum distribution of 10% of the company’s share capital, subject to adjustments based on factors such as net profits, regulatory requirements, and future investments.
Chairman Abdulla Nasser al-Misnad highlighted 2024 as another exceptional year, emphasizing Vodafone Qatar’s commitment to connecting current ideas with the technologies of the future. He noted the company’s efforts in digital innovation, which have set new industry standards in product and customer experience. Sustainability remains a central pillar of Vodafone Qatar’s strategy, with plans to simplify operations, digitize customer experiences, expand in core markets, diversify beyond these markets, and uphold responsibility to customers, shareholders, and the environment.
Managing Director Rashid Fahad al-Naimi reflected on the year’s progress in advancing Qatar’s digital infrastructure and fostering sustainable growth. Notably, Vodafone Qatar’s partnership with Microsoft, which migrated all IT capabilities to Microsoft Azure, has accelerated its digital transformation, leveraging AI and Azure technologies to deliver innovative solutions and exceptional customer experiences. The company also achieved a 4-star GSAS Design & Build rating for its headquarters in Lusail, reinforcing its commitment to sustainability.
CEO Sheikh Hamad Abdulla Jassim al-Thani stated that Vodafone Qatar had transformed into a fully diversified technology leader, evolving beyond its roots as a mobile operator. In 2024, the company launched the world-first Instant SIM and a new portfolio of postpaid plans to enhance customer experiences. Additionally, Vodafone Qatar made a breakthrough in 5G technology with a landmark trial of 10+ Gbps speeds on a 5.5G high-band network, reinforcing its leadership in connectivity and innovation.
