Meeting Approves Distribution of 35 Percent Cash Dividend (QR 3.5)
The Annual General Meeting of Ooredoo was held today, as shareholders discussed and approved the company’s Corporate Governance Report and financial statements for 2016. Shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of 35 percent of the nominal share value (QR 3.5 per share).
In his address, H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chairman, Ooredoo, outlined the success of the company’s strategy for becoming a global data experience leader, pointing to the strength of its network across markets in the Middle East, North African and Southeast Asia, as well as the company’s remarkable data revenue growth in 2016. Data revenue increased to 40% percent of Ooredoo Group Revenues in 2016, a new record for the company and an important sign that its strategy is delivering real and sustainable returns for stakeholders.
H.E. also pointed out that important highlights from 2016 included its success in adding 22 million new customers to reach a total of 138 million customers by year-end, representing year-on-year growth of 19% percent. Group revenue for 2016 increased by 1% to QAR 32,503 million (FY 2015: QAR 32,161 million), supported by positive revenue growth in local currency terms. Group EBITDA increased by 3 percent at QAR 13,379 million (FY 2015: QAR 13,018 million) with EBITDA margin increasing to 41% (FY 2015: 40%). Net profit attributable to Ooredoo shareholders for 2016 was QAR 2,193 million (FY 2015: QAR 2,118 million).
H.E. commented: What all our markets have in common is rising demand for data services, with data revenue growing ahead of the pace of their wider economies. This trend is transforming the telecommunications industry. Customer demand for data continues to rise exponentially and companies need to provide both the networks that can meet this demand, and the processes that make it possible to successfully monetise it. That is why Ooredoo is transforming its offering and looking to become a data experience leader. We are providing a leading network experience, great apps and access to impressive content.
During the AGM, the following items were approved:
- Hearing and approving the Board’s report for the year ending 31 December 2016 and discussing the company’s future business plans.
- Discussing the Corporate Governance Report for the year 2016.
- Hearing the External Auditor’s report for the year ending 31 December 2016.
- Discussing and approving the company’s financial statements for the year ending 31 December 2016.
- Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2016.
- Discharging the members of the Board from liabilities and determining their remuneration for the year ending 31 December 2016.
- Appointing the external auditor for the year 2017 and determining its fee.
Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo served 138 million customers and generated revenues of QR 33 billion as of 31 December 2016. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.