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A network of champions delivering outstanding performance

A network of champions delivering outstanding performance

“Dear Shareholders,

There are times when we are astonished at the level of success that a disciplined group of professionals working together can achieve. We saw that on multiple occasions during FIFA World Cup Qatar 2022™, when teams that were underrated coming into the tournament outperformed some of the biggest names in football.“

It was also the story of the tournament as a whole. The international community was amazed by the quality and excitement provided by FIFA World Cup Qatar 2022™, which was one of the best-organised sporting events of all time, attracting 3.4 million fans and being seen by nearly five billion viewers around the globe. It was also, thanks to Ooredoo’s network, the first 5G-enabled FIFA World Cup™ in history.

There are strong parallels between Qatar’s performance as host nation and Ooredoo’s results in 2022. Quite simply, these are some of the strongest results in our history. A network of champions, working together, has delivered impressive returns for our stakeholders, and achieved outstanding performance.“

HE. Sh. Faisal Bin Thani Al Thani Group Chairman 13 February, 2023

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Transforming our business
to accelerate growth

Focusing on core assets to deliver superior value

“Dear Shareholders,

Our journey of transformation, which started in 2021 with our ‘Braveheart’ initiative, has enabled Ooredoo to record one of the best performances in its history in 2022. We have achieved strong shareholder returns and the highest level of profitability in more than a decade. Our new brand positioning – ‘Upgrade Your World’ – is a promise that we are delivering for customers, employees and shareholders.“

Ooredoo’s commercial momentum accelerated throughout 2022. Revenues for 2022 reached QR 22.7 billion, an increase of 4% compared to the same period last year. Most markets outperformed 2021, with the most substantial contributions coming from Qatar, Oman and Kuwait. Excluding FX impact, revenue increased by 6%. Group Normalised EBITDA for 2022 was QR 9.1 billion with an EBITDA margin of 40%. Net Profit reached QR 2.4 billion for FY 2022. CAPEX for the year stood at QR 2.7 billion. Free cash flow (FCF) – one of our key metrics – increased 3% to reach QR 6.4 billion, mainly driven by lower CAPEX.

In the years ahead, Ooredoo aims to build on its lead in the challenging global communications sector, delivering even stronger returns for customers and shareholders as part of our efforts to Upgrade Your World.“

Aziz Aluthman Fakhroo Group MD and CEO 13 February, 2023

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Record-setting revenue

QR Millions

Revenue*

Amount in QR millions

22698

Amount in QR millions

21906
00%
2021
22698
00%
2022
2022 22698
2021 21906
2020 28867
2019 26916
2018 25927

EBITDA & EBITDA margin (%)*

Amount in QR millions

9129

Amount in QR millions

9274
42%
2021
9129
40%
2022
2022 9129
2021 9274
2020 12130
2019 12847
2018 12202

Free cash flow*

Amount in QR millions

6401

Amount in QR millions

6189
00%
2021
6401
00%
2022
2022 6401
2021 6189
2020 6298
2019 6978
2018 7330

Dividend per share

Amount in QR

0.43

Amount in QR

0.30
00%
2021
0.43
00%
2022
2022 0.43
2021 0.3
2020 0.25
2019 0.25
2018 0.25

Net debt & Net debt / EBITDA*

Amount in QR millions

10196

Amount in QR millions

14327
1.3x
2021
10196
1.1x
2022
2022 10196
2021 14327
2020 24177
2019 24975
2018 22260

Total customers*

Number in millions

56

Number in millions

58
00%
2021
56
00%
2022
2022 56
2021 58
2020 120
2019 117
2018 115

* Normalised Proforma number excluding Indosat Ooredoo and major non-recurring items

Evolving Ooredoo into a smart telco

To position Ooredoo as the partner of choice across its global footprint, we have undergone a significant journey of transformation since 2021, strengthening and evolving our core business and identifying opportunities to accelerate financial growth.

Our evolved strategy focuses on five key strategic pillars:

  • Excellence in Customer Experience

    In increasingly competitive markets, our aim is to create superior customer experiences and inspiring moments for our customers, resulting in heightened levels of loyalty and higher spend with Ooredoo.

  • People

    Succeeding in customer experience requires an engaged and empowered workforce. In this context, we are advancing our ways of working by increasingly adopting agile methods, fostering crossfunctional collaboration, and driving personal ownership of outcomes and respective empowerment.

  • Smart Telco Evolve the Core

    The business models in the telecom industry are evolving, opening opportunities to either develop new revenue streams or deliver services at a lower cost through better efficiency and effectiveness.

  • Strengthen the Core

    We are focused on creating an efficient and effective operation that makes best use of deployed capital, uses an appropriate cost structure and serves customers with a strong and competitive service offering.

  • Value Focused Portfolio

    We review the use and deployment of capital in our portfolio for the ability to create superior shareholder value.

Revenue rose by 4% to QR 22.7 billion for 2022

Ooredoo is a key telco player in the MENA region, with a balanced portfolio that is exposed to dynamic growth markets with fast-growing GDPs and population. In Qatar, Ooredoo is the nation’s leading communications company, delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses. As a community-focused company, Ooredoo is guided by its brand promise to ‘Upgrade Your World’, reflecting its agile, future-proof, employee- and customer-centric focus.

Revenue rose by 4% to QR 22.7 billion for 2022

Ooredoo is a key telco player in the MENA region, with a balanced portfolio that is exposed to dynamic growth markets with fast-growing GDPs and population. In Qatar, Ooredoo is the nation’s leading communications company, delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses. As a community-focused company, Ooredoo is guided by its brand promise to ‘Upgrade Your World’, reflecting its agile, future-proof, employee- and customer-centric focus.

  • Middle East
    27.9m
    customers
  • North Africa
    20.2m
    customers
  • Southeast Asia
    7.9m
    customers

Business review

Qatar

Qatar

2022 was perhaps the most exciting year yet for Ooredoo Qatar, with the world’s greatest sporting event on our doorstep and our teams playing a starring role in its execution.

Sheikh Mohammed Bin Abdulla Al ThaniChief Executive Officer
Ooredoo Qatar

Total customers (in thousands) (in thousands)

  • 2022 3641
  • 2021 3199
  • 2020 3048
  • 2019 3271
  • 2018 3281

Operator importance to group

7%
Customers
35%
Revenue
41%
EBITDA
28%
CapEx

Financial performance

2018
 Revenue QR millions - 7742.0.00
 EBITDA QR millions - 3987.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 114.3.0.00
 Employees - 1362.0.00
2019
 Revenue QR millions - 7301.0.00
 EBITDA QR millions - 3957.0.00
 EBITDA margin - 54%.0.00
 Blended ARPU* QR - 107.4.0.00
 Employees - 1303.0.00
2020
 Revenue QR millions - 7073.0.00
 EBITDA QR millions - 3696.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 96.8.0.00
 Employees - 1217.0.00
2021
 Revenue QR millions - 7464.0.00
 EBITDA QR millions - 3848.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 109.5.0.00
 Employees - 1191.0.00
2022
 Revenue QR millions - 7960.0.00
 EBITDA QR millions - 3829.0.00
 EBITDA margin - 48%.0.00
 Blended ARPU* QR - 102.4.0.00
 Employees - 1152.0.00

* Blended ARPU is for the three months ending 31 December.

Kuwait

Kuwait

This was a fulfilling year for Ooredoo Kuwait, as we met our commitments and reached beyond our goals. Our unwavering focus on our strategy, and on our new Group motto ‘Upgrade Your World’, enabled us to deliver on our promises and return solid results.

Abdulaziz Yacoub Al-BabtainChief Executive Officer
Ooredoo Kuwait

Total customers (in thousands) (in thousands)

  • 2022 2708
  • 2021 2518
  • 2020 2531
  • 2019 2588
  • 2018 2311

Operator importance to group

5%
Customers
12%
Revenue
9%
EBITDA
8%
CapEx

Financial performance

2018
 Revenue QR millions - 2905.0.00
 EBITDA QR millions - 662.0.00
 EBITDA margin - 23%.0.00
 Blended ARPU* QR - 68.8.0.00
 Employees - 1225.0.00
2019
 Revenue QR millions - 2772.0.00
 EBITDA QR millions - 867.0.00
 EBITDA margin - 31%.0.00
 Blended ARPU* QR - 58.5.0.00
 Employees - 1132.0.00
2020
 Revenue QR millions - 2492.0.00
 EBITDA QR millions - 617.0.00
 EBITDA margin - 25%.0.00
 Blended ARPU* QR - 59.3.0.00
 Employees - 1363.0.00
2021
 Revenue QR millions - 2540.0.00
 EBITDA QR millions - 738.0.00
 EBITDA margin - 29%.0.00
 Blended ARPU* QR - 66.0.00
 Employees - 1230.0.00
2022
 Revenue QR millions - 2809.0.00
 EBITDA QR millions - 850.0.00
 EBITDA margin - 30%.0.00
 Blended ARPU* QR - 61.8.0.00
 Employees - 1423.0.00

* Blended ARPU is for the three months ending 31 December.

Oman

Oman

2022 was a year of ‘bouncing back’ marked by a recovery of social and economic activities. As we were able to capitalise on the growing demand for digital services, Ooredoo is strongly placed to further enable digital transformation, fast-tracked by our continued roll-out of 5G countrywide.

Noor Al SulaitiChief Executive Officer
Ooredoo Oman

Total customers (in thousands) (in thousands)

  • 2022 3035
  • 2021 2863
  • 2020 2795
  • 2019 2864
  • 2018 3014

Operator importance to group

5%
Customers
11%
Revenue
14%
EBITDA
17%
CapEx

Financial performance

2018
 Revenue QR millions - 2685.0.00
 EBITDA QR millions - 1463.0.00
 EBITDA margin - 54%.0.00
 Blended ARPU* QR - 60.1.0.00
 Employees - 968.0.00
2019
 Revenue QR millions - 2703.0.00
 EBITDA QR millions - 1490.0.00
 EBITDA margin - 55%.0.00
 Blended ARPU* QR - 54.7.0.00
 Employees - 1022.0.00
2020
 Revenue QR millions - 2509.0.00
 EBITDA QR millions - 1341.0.00
 EBITDA margin - 53%.0.00
 Blended ARPU* QR - 50.4.0.00
 Employees - 983.0.00
2021
 Revenue QR millions - 2325.0.00
 EBITDA QR millions - 1212.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 43.9.0.00
 Employees - 981.0.00
2022
 Revenue QR millions - 2443.0.00
 EBITDA QR millions - 1275.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 37.9.0.00
 Employees - 941.0.00

* Blended ARPU is for the three months ending 31 December.

Iraq

Iraq

For Asiacell, 2022 was a year of empowerment. We maintained our market-leading position as the number one mobile network operator in Iraq and led in 4G market share through our network rollout and the launch of new data products, with the support of digital initiatives.

Amer Al SunnaChief Executive Officer
Asiacell Iraq

Total customers (in thousands) (in thousands)

  • 2022 17094
  • 2021 15985
  • 2020 14719
  • 2019 14162
  • 2018 14232

Operator importance to group

31%
Customers
16%
Revenue
17%
EBITDA
15%
CapEx

Financial performance

2018
 Revenue QR millions - 4449.0.00
 EBITDA QR millions - 2093.0.00
 EBITDA margin - 47%.0.00
 Blended ARPU* QR - 26.8.0.00
 Employees - 2832.0.00
2019
 Revenue QR millions - 4572.0.00
 EBITDA QR millions - 2040.0.00
 EBITDA margin - 45%.0.00
 Blended ARPU* QR - 29.2.0.00
 Employees - 3167.0.00
2020
 Revenue QR millions - 4020.0.00
 EBITDA QR millions - 1724.0.00
 EBITDA margin - 43%.0.00
 Blended ARPU* QR - 22.3.0.00
 Employees - 2833.0.00
2021
 Revenue QR millions - 3657.0.00
 EBITDA QR millions - 1672.0.00
 EBITDA margin - 46%.0.00
 Blended ARPU* QR - 19.2.0.00
 Employees - 2820.0.00
2022
 Revenue QR millions - 3674.0.00
 EBITDA QR millions - 1580.0.00
 EBITDA margin - 43%.0.00
 Blended ARPU* QR - 18.8.0.00
 Employees - 3212.0.00

* Blended ARPU is for the three months ending 31 December.

Algeria

Algeria

Our focus on network quality and customer experience enabled us to deliver positive performance in 2022. Additionally, our investments in digital infrastructure positioned us to further grow and develop our digital offerings, particularly with our leadership position in 4G services.

Bassam Yousef Al IbrahimChief Executive Officer
Ooredoo Algeria

Total customers (in thousands) (in thousands)

  • 2022 13034
  • 2021 12834
  • 2020 12523
  • 2019 12615
  • 2018 13887

Operator importance to group

23%
Customers
10%
Revenue
8%
EBITDA
17%
CapEx

Financial performance

2018
 Revenue QR millions - 2760.0.00
 EBITDA QR millions - 1029.0.00
 EBITDA margin - 37%.0.00
 Blended ARPU* QR - 15.5.0.00
 Employees - 2807.0.00
2019
 Revenue QR millions - 2501.0.00
 EBITDA QR millions - 867.0.00
 EBITDA margin - 35%.0.00
 Blended ARPU* QR - 15.5.0.00
 Employees - 2895.0.00
2020
 Revenue QR millions - 2256.0.00
 EBITDA QR millions - 744.0.00
 EBITDA margin - 33%.0.00
 Blended ARPU* QR - 15.2.0.00
 Employees - 2955.0.00
2021
 Revenue QR millions - 2275.0.00
 EBITDA QR millions - 786.0.00
 EBITDA margin - 35%.0.00
 Blended ARPU* QR - 14.9.0.00
 Employees - 2694.0.00
2022
 Revenue QR millions - 2222.0.00
 EBITDA QR millions - 787.0.00
 EBITDA margin - 35%.0.00
 Blended ARPU* QR - 14.4.0.00
 Employees - 2491.0.00

* Blended ARPU is for the three months ending 31 December.

Tunisia

Tunisia

2022 was a year of achievement at all levels. Our core focus was not only enriching people’s digital lives, but also upgrading our services, mindset and the way we work with our employees and customers.

Mansoor Rashid Al-KhaterChief Executive Officer
Ooredoo Tunisia

Total customers (in thousands) (in thousands)

  • 2022 7128
  • 2021 6914
  • 2020 8078
  • 2019 9163
  • 2018 9052

Operator importance to group

13%
Customers
6%
Revenue
7%
EBITDA
7%
CapEx

Financial performance

2018
 Revenue QR millions - 1526.0.00
 EBITDA QR millions - 595.0.00
 EBITDA margin - 39%.0.00
 Blended ARPU* QR - 12.3.0.00
 Employees - 1585.0.00
2019
 Revenue QR millions - 1476.0.00
 EBITDA QR millions - 682.0.00
 EBITDA margin - 46%.0.00
 Blended ARPU* QR - 11.2.0.00
 Employees - 1560.0.00
2020
 Revenue QR millions - 1516.0.00
 EBITDA QR millions - 650.0.00
 EBITDA margin - 43%.0.00
 Blended ARPU* QR - 12.5.0.00
 Employees - 1591.0.00
2021
 Revenue QR millions - 1617.0.00
 EBITDA QR millions - 625.0.00
 EBITDA margin - 39%.0.00
 Blended ARPU* QR - 15.6.0.00
 Employees - 1437.0.00
2022
 Revenue QR millions - 1468.0.00
 EBITDA QR millions - 651.0.00
 EBITDA margin - 44%.0.00
 Blended ARPU* QR - 13.5.0.00
 Employees - 1335.0.00

* Blended ARPU is for the three months ending 31 December.

Myanmar

Myanmar

Despite challenges, Ooredoo Myanmar delivered results, dominating in digital sales, and sustaining leadership on data network speeds with our advanced connectivity, innovative technologies, and superior digital products.

Htar Thant ZinActing Chief Executive Officer
Ooredoo Myanmar

Total customers (in thousands) (in thousands)

  • 2022 7530
  • 2021 11491
  • 2020 14716
  • 2019 11527
  • 2018 9605

Operator importance to group

13%
Customers
5%
Revenue
4%
EBITDA
2%
CapEx

Financial performance

2018
 Revenue QR millions - 1262.0.00
 EBITDA QR millions - 197.0.00
 EBITDA margin - 16%.0.00
 Blended ARPU* QR - 8.7.0.00
 Employees - 914.0.00
2019
 Revenue QR millions - 1062.0.00
 EBITDA QR millions - 280.0.00
 EBITDA margin - 26%.0.00
 Blended ARPU* QR - 7.9.0.00
 Employees - 836.0.00
2020
 Revenue QR millions - 1172.0.00
 EBITDA QR millions - 314.0.00
 EBITDA margin - 27%.0.00
 Blended ARPU* QR - 6.8.0.00
 Employees - 849.0.00
2021
 Revenue QR millions - 1068.0.00
 EBITDA QR millions - 376.0.00
 EBITDA margin - 35%.0.00
 Blended ARPU* QR - 7.1.0.00
 Employees - 841.0.00
2022
 Revenue QR millions - 1037.0.00
 EBITDA QR millions - 404.0.00
 EBITDA margin - 39%.0.00
 Blended ARPU* QR - 10.2.0.00
 Employees - 696.0.00

* Blended ARPU is for the three months ending 31 December.

Palestine

Palestine

Ooredoo Palestine continued its rapid growth in overall performance, proceeding with a comprehensive digitalization programme that has strengthened our market position. The company is at the forefront of the data sector in Palestine, providing the best experience for customers.

Dr. Durgham MaraeeChief Executive Officer
Ooredoo Palestine

Total customers (in thousands) (in thousands)

  • 2022 1410
  • 2021 1382
  • 2020 1312
  • 2019 1323
  • 2018 1286

Operator importance to group

2.5%
Customers
1.9%
Revenue
1.7%
EBITDA
1.1%
CapEx

Financial performance

2018
 Revenue QR millions - 366.0.00
 EBITDA QR millions - 96.0.00
 EBITDA margin - 26%.0.00
 Blended ARPU* QR - 21.5.0.00
 Employees - 534.0.00
2019
 Revenue QR millions - 362.0.00
 EBITDA QR millions - 109.0.00
 EBITDA margin - 30%.0.00
 Blended ARPU* QR - 23.0.00
 Employees - 537.0.00
2020
 Revenue QR millions - 370.0.00
 EBITDA QR millions - 125.0.00
 EBITDA margin - 34%.0.00
 Blended ARPU* QR - 22.9.0.00
 Employees - 514.0.00
2021
 Revenue QR millions - 408.0.00
 EBITDA QR millions - 149.0.00
 EBITDA margin - 36%.0.00
 Blended ARPU* QR - 21.6.0.00
 Employees - 520.0.00
2022
 Revenue QR millions - 421.0.00
 EBITDA QR millions - 155.0.00
 EBITDA margin - 37%.0.00
 Blended ARPU* QR - 21.3.0.00
 Employees - 527.0.00

* Blended ARPU is for the three months ending 31 December.

Maldives

Maldives

This year was characterised by exciting partnerships, technological innovations and steady growth. Our dedicated workforce continues to thrive, bringing great benefits to our consumer sector and business customers alike, despite the challenging and competitive conditions.

Khalid Hassan M A Al-HamadiChief Executive Officer and Managing Director
Ooredoo Maldives

Total customers (in thousands) (in thousands)

  • 2022 387
  • 2021 368
  • 2020 349
  • 2019 405
  • 2018 440

Operator importance to group

0.7%
Customers
2%
Revenue
2.6%
EBITDA
3.3%
CapEx

Financial performance

2018
 Revenue QR millions - 461.0.00
 EBITDA QR millions - 237.0.00
 EBITDA margin - 52%.0.00
 Blended ARPU* QR - 52.3.0.00
 Employees - 359.0.00
2019
 Revenue QR millions - 481.0.00
 EBITDA QR millions - 264.0.00
 EBITDA margin - 55%.0.00
 Blended ARPU* QR - 56.2.0.00
 Employees - 370.0.00
2020
 Revenue QR millions - 407.0.00
 EBITDA QR millions - 202.0.00
 EBITDA margin - 50%.0.00
 Blended ARPU* QR - 60.5.0.00
 Employees - 366.0.00
2021
 Revenue QR millions - 422.0.00
 EBITDA QR millions - 208.0.00
 EBITDA margin - 49%.0.00
 Blended ARPU* QR - 66.3.0.00
 Employees - 370.0.00
2022
 Revenue QR millions - 454.0.00
 EBITDA QR millions - 244.0.00
 EBITDA margin - 54%.0.00
 Blended ARPU* QR - 67.9.0.00
 Employees - 367.0.00

* Blended ARPU is for the three months ending 31 December.

Environmental, social and governance sustainability

We are vigorously pursuing Environmental, Social and Governance targets to help build a sustainable legacy for all.

  • Protecting our Environment

    • Conserving resources
    • Energy and carbon resources
    • Waste and water management

  • Developing our People

    • Equal opportunities
    • Our workforce Nationalisation
    • Female empowerment
    • Training and professional development
    • Health and safety

  • Safeguarding our Customers

    • Customer security and privacy
    • Responsible relationships with customers

  • Creating Ethical Economic Opportunity

    • Corporate governance
    • Prevention of anti-competitive practices
    • Prevention of corruption and bribery

  • Digital Opportunities and Community Care

    • Digital enrichment
    • Community care
    • Products and services
    • Responsible supply chain
Download Annual Report 2022