Ooredoo held its Annual General Meeting (AGM) where Shareholders discussed and approved the Company’s Corporate Governance Report and financial statements, following confirmation of final year results for 2020. To follow current safety protocols, the Meeting was held online for the first time in the Company’s history.
During the Meeting, Shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of QAR 0.25 per share.
In his address to the meeting, H.E. Sheikh Faisal Bin Thani Al Thani, Chairman of Ooredoo, highlighted the professionalism and dedication of Ooredoo employees during an unprecedented year: “The COVID-19 pandemic affected every aspect of our working and daily lives. However, I am proud of the hard work of the Ooredoo team that ensured communities stayed connected, engaged, and entertained.”
“Ooredoo Group demonstrated the resilience of our operations, delivering a net profit of QAR 1.1 billion, maintaining healthy cash reserves and liquidity levels, and expanding our customer base to 121 million despite the challenging environment,” he added.
As a result of the COVID-19 pandemic impact, revenue declined by 4% year-on-year to QAR 28.9 billion in 2020, with a reduction in handset sales and roaming business as well as macroeconomic weakness in some markets. This was partially offset by growth in Indonesia and Palestine.
EBITDA declined by 6% year-on-year to QAR 12.1 billion in 2020, impacted by lower revenues and challenging market conditions across most markets. The Company maintained its focus on digitalization and cost optimization, reflected in a healthy EBITDA margin of 42% for FY 2020
Group Net Profit attributable to Ooredoo shareholders decreased by 35% year-on-year to QAR 1.1 billion in 2020 mainly due to lower EBITDA and one-off gains in 2019 from the Indonesian tower sales. Ooredoo Group expanded its customer base by 3% to 121 million customers, boosted by additions in Iraq and Indonesia.
Highlights of the period include a wide range of initiatives to support communities during the pandemic public health crisis and an exclusive and non-legally binding Memorandum of Understanding (MoU) with CK Hutchison Holdings Limited for a potential transaction to combine telecommunications businesses in Indonesia.
During the Company’s AGM, the following items were reviewed:
· Hearing and approving the Board’s report for the year ended 31st December 2020 and discussing the Company’s future business plans.
· Discussing the Corporate Governance Report for the year 2020.
· Hearing the External Auditor’s report for the year ended 31st December 2020.
· Discussing and approving the Company’s financial statements for the year ended 31st December 2020.
· Discussing and approving the Compliance report of the QFMA Corporate Governance & Internal Control over Financials Reporting report for the year ended 31st December 2020.
· Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2020.
· Discharging the Members of the Board from liabilities and determining their remuneration for the year ended 31st December 2020.
· Appointing the External Auditor for the year 2021 and determining its fee.
· Election of the Board Members.
The following Members were appointed members of the Ooredoo Board of Directors:
1. H.E. Sheikh Faisal Bin Thani Al Thani;
2. Dr. Nasser Mohammed Marafih;
3. Mr. Aziz Aluthman Fakhroo;
4. Mr. Essa Hilal Al-Kuwari;
5. Mr. Yousif Mohammed Al-Obaidli.
Also, the following candidates were elected members of the Ooredoo Board of Directors:
1. General Retirement & Social Insurance Authority represented by H.E. Mr. Turki Mohammed Al Khater.
2. Qatar National Bank (QNB) represented by Mr. Abdulla Mubarak Al-Khalifa.
3. Mr. Nasser Rashid Al-Humaidi.
4. Wasit Trading represented by Sheikh Saoud Bin Nasser Al Thani
5. Mr. Mohammed Nasser Al-Hajri.