In a significant financial update, Vodafone Qatar has reported a net profit of QR 540 million in 2023, showcasing a robust 7.5% increase compared to the previous year. The notable surge is primarily attributed to the growth in EBITDA.
Total revenue, excluding the impact of the World Cup in 2022, demonstrated a remarkable 6.1% year-on-year (YoY) increase, reaching QR 3.1 billion. This substantial rise is credited to sustained growth across diverse business segments, including fixed broadband services, managed services, IoT, and others. However, the reported total revenue for the year saw a 1.5% increase.
Service revenue, excluding the World Cup’s impact, experienced an impressive 8.9% growth, reaching QR 2.8 billion. The reported service revenue also saw a noteworthy increase of 5.5%.
The EBITDA for the period reached QR 1.3 billion, marking a 4.2% growth compared to the previous year. This positive trend was influenced by higher service revenue and the continued success of the cost optimization program. Consequently, the EBITDA margin expanded to 41.3%, growing by 1.1 percentage points.
The total number of mobile customers for Vodafone Qatar reached 2.15 million, showcasing an underlying increase of 2% YoY.
In light of Vodafone Qatar's commitment to enhancing shareholder value and the strong financial performance, the board of directors has recommended the distribution of a cash dividend amounting to 11% of the nominal share value (QR 0.11 per share). This proposal will be presented at the company's next annual general assembly for approval, reflecting the company's dedication to rewarding its stakeholders for their continued support.
Abdulla bin Nasser Al-Misnad, Vodafone Qatar, Chairman, said: “2023 has been another exceptional year where we have been able to position ourselves at the forefront of market developments as we also continue to provide consumers and businesses with unparalleled connectivity.”
Rashid Fahad al-Naimi, Vodafone Qatar, Managing Director, stated: “2023 has been embodied by our strategic vision, ‘Together We Can’, which exemplifies our focus on delivering connectivity and an unparalleled customer experience.”
Sheikh Hamad Abdulla Jassim Al-Thani, Vodafone Qatar CEO, added: “In 2018, we launched our Digital 23 Strategy, with the aim of successfully transforming our business from a traditional mobile operator to a diverse, global digital player. Over five years since launch, it is heartwarming to see that we have not only achieved that aim, but we have also helped to establish Qatar as one of the most technologically advanced countries in the world. Our focus on digital transformation remains steadfast, and we will continue to prioritize digital-first lifestyles, putting our customers and their businesses at the core.”