(MENAFN- The Peninsula)
The Peninsula
Doha: Vodafone Qatar P.Q.S.C. (‘Vodafone Qatar' or the ‘Company') held its Ordinary General Assembly Meeting virtually yesterday, which was chaired by Vodafone Qatar's Managing Director and Board Member Rashid Fahad Al Naimi.
The outcome of the Ordinary General Assembly Meeting was the approval of all resolutions on the agenda including the Board of Directors proposal to distribute a cash dividend of 5 percent of the nominal share value, i.e. QR0.05 per share.
The meeting also covered the Board of Director's report detailing the Company's activities and its financial position for the financial year ended December 31, 2020.
The Shareholders reviewed and endorsed the external auditor's report on the Company's Accounts for the financial year ended December 31, 2020 and the external auditor's reports on the Company's Corporate Governance and Internal Control over Financial Reporting. It was also approved unanimously that KPMG be appointed the Company's auditors for the financial year 2021, in addition to approving their fees.
The shareholders approved the financial statements of the Company for the financial year ended December 31, 2020 and the Corporate Governance Report of the Company for 2020. Moreover, there was unanimous agreement to discharge the members of the Board from all liabilities and approve their remuneration.
Addressing the shareholders, Al Naimi said, 'Despite the challenges posed by the global pandemic, Vodafone Qatar moved forward with executing its corporate strategy, which has been a fundamental guide in our growth. This resulted in the delivery of record financial results for the year ended 31 December 2020, reporting our highest-ever Net Profit of QR185m, a 29 percent increase compared to the previous year mainly driven by EBITDA growth. In addition to maintaining superior service quality, we continued investing in our infrastructure and expanding our advanced network to cover key areas across the country with 5G and fibre. As such, we have seen a significant uptake in the Company's fixed broadband services and Postpaid services.
Al Naimi added, 'Our commitment to advanced technical solutions, including the Internet of Things, Cloud Services and Big Data is enabling Qatari entities, of all sizes and from all industries, to optimise their automation needs. As the trusted digital partner for a number of the country's leading entities, Vodafone's infrastructure and support services have become an integral part of these organisations' digital transformation strategy, and a strong contributor to our growth trajectory. Looking forward, the focus will remain on executing all pillars of our corporate strategy, in particular innovation in advanced technologies.
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