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Ooredoo plans to unlock significant capital in 2023

Mar 8, 2023 8:58 AM

Qatar s telecom major Ooredoo plans to pursue strategic options in 2023 that will unlock significant capital and maximise shareholder value. Alongside this value creation we are dedicated to attaining...

Qatar’s telecom major Ooredoo plans to pursue strategic options in 2023 that will unlock significant capital and maximise shareholder value. 
 
“Alongside this value creation, we are dedicated to attaining environmental and social progress. We have contributed to one of our nation’s proudest moments, with the hosting of the first 5G-powered FIFA World Cup in history,” Sheikh Faisal Bin Thani Al Thani, Chairman of the Board of Directors at Ooredoo, told the company’s Annual General Meeting (AGM), which approved the recommendation of the Board to distribute a cash dividend of QR0.43 per share.
 
“We are proud to announce some of the strongest results in our organisation’s history. Ooredoo has been on a tremendous journey of business transformation in recent years, restructuring our organisation and driving profitability in our core. This transformation enabled us to deliver growth across all key metrics in 2022,” he told the AGM, which discussed and approved the company’s Corporate Governance Report and financial statements, following confirmation of final year results for 2022.
 
Revenue rise by 4%
Proforma revenue for the full year ended December 31 2022 rose by 4% to QR22.7 billion ($6.23 billion), compared to QR21.9 billion in 2021.
 
Group normalised EBITDA for the period was QR9.1 billion with a corresponding EBITDA margin of 40%. The 2% EBITDA drop was driven by higher cost of sales and OPEX in Iraq and higher staff cost at Group level (also after adjusting for the new orientation within Indonesian telecommunications), partially offset by stronger EBITDA performances in other markets.
 
Normalised net profit for the period stood at QR2.8 billion compared to QR2.2 billion in 2021.  Normalised free cash flow increased 3% to reach QR6.4 billion.
 
The consolidated customer base stood at 56 million, driven by growth in most markets offset by a decline in Myanmar.-- TradeArabia News Service
 
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