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Ooredoo sees 28% higher profits in 2023; dividends proposed

Ooredoo sees 28% higher profits in 2023; dividends proposed
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Mubasher: National Mobile Telecommunications Company (Ooredoo) logged net profits attributable to the owners valued at QAR 3.01 billion in 2023, an annual rise of 28% from QAR 2.36 billion.

Total revenues increased by 2% year-on-year (YoY) to QAR 23.16 billion in 2023 from QAR 22.69 billion, according to the consolidated income statements.

The earnings per share (EPS) amounted to QAR 0.94 last year, compared to QAR 0.74 in 2022.

Financials for Q4

In the fourth quarter (Q4) of 2023, Ooredoo achieved net profits standing at QAR 352 million, higher by 27% YoY than QAR 277 million.

Revenues hit QAR 5.92 billion in Q4-23, up 1% from QAR 5.84 billion in the year-ago period.

Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo Group, commented: “The growth for the year was driven by solid performances in Iraq, Kuwait, Algeria, and Maldives.”

“The group achieved an all-time high reported net profit of QAR 3 billion, up by 28%, and strong normalised FCF generation of QAR 6.80 billion, up 6%,” Fakhroo added.

He indicated: “We announced the establishment of the region’s largest independent tower company in partnership with Zain and TASC at a $2.20 billion valuation, marking a significant milestone.

Dividends

Sheikh Faisal bin Thani Al Thani, Chairman of Ooredoo, said: “I am pleased to announce that the board of directors will recommend a cash dividend distribution of QAR 0.55 per share, in line with our sustainable and progressive dividend policy, at the annual general meeting in March”

It is worth indicating that Ooredoo is cross-listed on Abu Dhabi Securities Exchange (ADX), Qatar Stock Exchange (QSE), and Boursa Kuwait.