Faisal Bin Thani: A noticeable progress in operational operations and results as expected
Aziz Fakhro: Our network and the distinguished customer service helps us to maintain our uniqueness in the market
The Ooredoo Group announced its results for the fiscal year ending December 31, 2024, where the average net profit increased by 12% to 3.7 billion riyals, and the net profit recorded 3.4 billion riyals, with a rise of 14% to continue to grow for the third year in a row. The revenues recorded a growth of 2% to 23.6 billion riyals, while the profits were recorded before the interest, tax, consumption and extinguishing of the debt were recorded by 3% to reach 10 billion riyals, and the profit margin recorded before cutting interest, tax, consumption and extinguishing the debt by growing one percentage to reach 42.5%.
Capital spending reached 3.2 billion riyals, and the average free cash flow recorded a rate of 1% to 6.8 billion riyals.
The Board of Directors recommended the distribution of cash dividends of 0.65 riyals per share, provided that this is done during the annual meeting of the General Assembly in the month of March. Thus, cash profits recorded an increase of 18% compared to the previous year, at a rate of 58% of the modified incomes in line with the policy of cash profits.
The customer base (including Indosat Ooredoo Hutchison (IOH) and the exception of Myanmar) reached 146.2 million, and the group made remarkable progress towards leadership in the digital infrastructure level in the Middle East and North Africa.
The financial results of the Ooredoo Group of 2024 included Ooredoo Myanmar results until May 31, 2024.
Commenting on the results, His Excellency Sheikh Faisal bin Thani Al Thani, Chairman of the Ooredoo Group, said: “The year 2024 was a new full of successes for the Ooredoo Group, which has achieved growth at the level of revenues, partnerships and value offered for the stock campaign, and continued its sustainable progress in the field of implementing its strategy. The group has achieved 2% growth in revenue to 23.6 billion riyals, and recorded a distinctive increase in the net profit scored by 14% to reach 3.4 billion riyals and I am pleased to announce that the Board of Directors will recommend distributing cash dividends of 0.65 R. S. For each share, in line with our sustainable and progressive policy to distribute cash profits.
His Excellency added: “The group is achieving remarkable progress at the level of operational operations, and the results have come as much as expectations to prove the success of our strategy.”
For his part, Mr. Aziz Al -Othman Fakhro, CEO of Ooredoo Group, commented: “The group achieved strong growth in the year 2024 reflected on the regular operational momentum and its financial location that is constantly developing, in addition to achieving the basic strategic strategic achievements. Revenue has grown thanks to the strong operational performance in Iraq, Algeria, Kuwait, Tunisia and Maldives. In addition, we continued to focus on the group’s profitability to record the profits before cutting interest, tax, consumption and extinguishing the debt by 3% and up to 10 billion riyals, which led to the increase in the profit margin before deducting interest, tax, consumption and extinguishing the debt by one percentage to 42.5%. These results prove that our network, which is the best in its category, along with the distinguished customer service, will help us maintain our uniqueness in the market. ”
Fakhro added: “We continued our march towards leadership in the digital infrastructure sector in the Middle East and North Africa region by simplifying the institutional structure and focusing on specific lines and sectors in order to enhance operational efficiency, and we topped the artificial intelligence sector through our cooperation with the company“ In Vida ”which we have become According to one of the partners from the region in the company’s cloud network, and we see that the field of artificial intelligence is characterized by enormous capabilities and opportunities that have not been exploited until now.
The Ooredoo Group continues to commit to work according to its strategy, which is centered on five basic pillars: providing an exceptional customer experience, enabling our staff and sponsoring distinguished talents, paying innovation as a smart telecommunications company, continuing to develop and support its fundamental operations, and enhance its value -based portfolio.