Ooredoo shareholders have approved the board of directors’ recommendation to distribute a cash dividend of QR0.65 per share during the company’s Annual General Meeting on Tuesday.
HE Sheikh Faisal bin Thani al-Thani, Chairman of Ooredoo, emphasized the company’s progress toward becoming a leading digital infrastructure provider. Through strategic investments and expanding its global connectivity footprint, Ooredoo has made substantial strides in its evolution.
Sheikh Faisal stated, “2024 was another solid year for Ooredoo Group, marked by significant growth in all key financial metrics, delivering value to our stakeholders. The group made strong operational progress, and our results reflect the success of our strategy in providing strong returns for shareholders.”
“For the third consecutive year, we report growth across all key financial metrics, achieving record-high earnings with net profits surpassing $1 billion in normalised net profit for the first time. This was achieved while maintaining healthy cash reserves and liquidity levels.”
Thanks to strategic investments and effective market positioning, Ooredoo saw a 2% year-on-year (YoY) revenue increase, reaching QR23.6 billion in 2024. Strong performance in Iraq, Algeria, Kuwait, Tunisia, and the Maldives contributed to this growth, though revenue declined slightly in Qatar and Oman. Ooredoo’s focus on profitability also led to an EBITDA of QR10 billion, up by 3% YoY, with an EBITDA margin expanding by 1 percentage point to 42.5%. The group’s net profit grew by 14% YoY to QR3.4 billion, while normalised net profit increased by 12% YoY to QR3.7 billion.
Ooredoo’s customer base grew by 5% YoY, reaching 51.5 million customers by the end of 2024, excluding Ooredoo Myanmar. Including IOH, the total customer base reached 146.2 million.
Key highlights during the period include the establishment of the MENA Digital Hub, Ooredoo’s new carrier-neutral data centre company. Additionally, Ooredoo partnered with NVIDIA as their cloud partner in the region. Ooredoo also acquired the ‘Fibre in Gulf’ project through Alcatel Submarine Networks, the largest subsea cable ever built in the GCC, which connects all GCC countries and beyond. Furthermore, Ooredoo Fintech expanded its leadership in Qatar and the Maldives, launching walletii in Oman.
