OREANDA-NEWS. The Annual General Meeting of Ooredoo today approved the recommendation of the Board of Directors to distribute a cash dividend of 40 percent of the nominal share value (QR 4 per share).

In addition, shareholders had the opportunity to discuss and approve the company’s Corporate Governance Report and financial statements for 2014.

In his address, H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman, Ooredoo, discussed the achievements of 2014, including Ooredoo’s success in reaching more than 107 million customers worldwide; launching 3G, 4G, 4G and fibre services in markets across its footprint; and enriching people’s lives through a range of new initiatives. Ooredoo’s focus on data delivered positive returns in 2014, with data revenue now representing 25 percent of total Group revenue, which positions the company well for future growth.

Ooredoo also commercially launched services in Myanmar in the summer of 2014, adding a new market to its global portfolio and offering 3G services to a population that had previously had very limited access to the Internet.

His Excellency pointed out that Ooredoo has taken a leadership role in data services across our footprint, because the company believes that all its customers will benefit from the new opportunities of the digital era. Through its investment in networks and new services, Ooredoo is changing people’s lives in markets as diverse as Qatar, Iraq, Algeria and Myanmar. His Excellency observed that shareholders can see the impact of these investments in the results for 2014, where the company good returns despite some difficult markets, and will continue to see positive results in the future.

As of 31 December 2014, the Group’s consolidated customer base stood at 107 million (FY 2013: 96 million), representing year-on-year growth of 12%. Group revenue for the twelve months 2014 decreased by 2% to QAR 33,207 million (FY 2013: QAR 33,851 million).  Group EBITDA stood at QAR 12,948 million (FY 2013: QAR 14,640 million) with EBITDA margin decreased to 39% (FY 2013: 43%) due to the continued strategic investments across the business into broadband networks, customer acquisition and retention, global brand roll-out, service launches and customer experience. 

Net profit attributable to Ooredoo shareholders for 2014 was QAR 2,134 million (FY 2013: QAR 2,579 million). 

In its home market of Qatar, Ooredoo saw strong growth across its network, with revenue growing by 8% to QAR 7,148 million (FY 2013: QAR 6,590 million) and customer numbers increasing 10% to 3.2 million.  The growth in revenue was driven by mobile services, broadband, mega-projects and device sales.  EBITDA increased by 5% to QAR 3,448 million compared to the previous twelve months. Net profit for FY 2014 increased by 40% to QAR 1,919 million (FY 2013: QAR 1,374 million) due to higher EBITDA and sale of investments.

During the AGM, the following items were approved: 

1-     Hearing and approving the Board’s report for the year ended 31 December 2014 and discussing the company’s future business plans.

2-     Discussing the Corporate Governance Report for the year 2014.

3-     Hearing the External Auditor’s report for the year ended 31 December 2014.

4-     Discussing and approving the company’s financial statements for the year ended 31 December 2014.

5-     Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2014.

6-     Discharging the members of the Board from liabilities and determining their remuneration for the year ended 31 December 2014.

7-     Appointing the external auditor for the year 2015 and determining its fee.

8-     Appointing the Board Members.

The following Board Members were appointed: H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani (Chairman); H.E. Ali Shareef Al Emadi (Member); H.E. Mohammed Bin Issa Al Mohannadi (Member); Omer Abdulaziz Al-Hamed Al-Marwani (Member); Aziz Aluthman Fakhroo (Member); General Retirement & Social Insurance Authority (Member); Nasser Rashid Al Humaidi (Member); Ibrahim Abdulla Al Mahmoud (Member); Khalifa Matar Al Mheiri (Member); Mohamed Ahmed Al Qamzi (Member).

In an extraordinary meeting that followed the AGM, the assembly approved an amendment of Article 25 of the company’s articles of association.