Ooredoo Holds Annual General Meeting
Ooredoo Group Proforma Revenue FY 2022 increased 4% to QAR 23 billion
Board proposed a cash dividend of QAR 0.43 per share
Ooredoo held its Annual General Meeting today, where shareholders discussed and approved the company’s Corporate Governance Report and financial statements, following confirmation of final year results for 2022.
During the meeting, shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of QAR 0.43 per share.
In his address to the meeting, H.E. Sheikh Faisal Bin Thani Al Thani, Chairman of the Board of Directors at Ooredoo, highlighted the innovation-led initiative of Ooredoo employees working to realise the company’s vision: “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.”
“In 2023, our intention is to pursue strategic options that will unlock significant capital and maximise shareholder value. Alongside this value creation, we are dedicated to generating Environmental and Social progress. We are pleased to have contributed to one of our nation’s proudest moments, with the hosting of the first 5G-powered FIFA World Cup in history,” he added.
Proforma Revenue for the full year ended 31 December 2022 rose by 4% to QAR 22.7 billion, compared to QAR 21.9 billion in 2021.
Group normalised EBITDA for the period was QAR 9.1 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 QAR 2.8 billion compared to QAR 2.2 billion in 2021. Normalised Free Cash Flow increased 3% to reach QAR 6.4 billion.
The consolidated customer base stood at 56 million, driven by growth in most markets offset by a decline in Myanmar.
During the company’s AGM, the following items were reviewed and approved:
1- Hearing and approving the Board’s report for the year ended 31st December 2022 and discussing the company’s future business plans.
2- Discussing the Corporate Governance Report for the year 2022.
3- Hearing the External Auditor’s report for the year ended 31st December 2022.
4- Discussing and approving the company’s financial statements for the year ended 31st December 2022.
5- Discussing and approving the Compliance report of the QFMA corporate governance & Internal Control over Financials Reporting report for the year ended 31st December 2022.
6- Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2022.
7- Discharging the members of the Board from liabilities and determining their remuneration for the year ended 31st December 2022.
8- Appointing the external auditor for the year 2023 and determining its fee.
Ooredoo is an international ICT provider operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in nine countries, Ooredoo delivers a leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo generated revenues of QAR 23 billion as of 31 December 2022. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.