Vodafone Qatar Reports 53% Growth In Net Profit| MENAFN.COM

Wednesday, 01 February 2023 02:21 GMT

Vodafone Qatar Reports 53% Growth In Net Profit


(MENAFN- The Peninsula) The Peninsula Online

Vodafone Qatar P.Q.S.C. (“Vodafone Qatar” or the“Company”) reported a 53 percent growth in net profit to QR502m for 2022 the company stated yesterday.

Vodafone Qatar announced its financial results for the year ended December 31, 2022, which reflect the continued improvement in the company's financial and operational performance.

The Company reported an annual Net Profit of QR502m, a 53.4 percent (or QR175m) increase compared to the previous year mainly driven by EBITDA growth.

Total revenue for the year increased 21.4 percent year-on-year to reach QR3.1bn, due to continued growth across all business segments including Prepaid, Postpaid, Fixed broadband services (GigaHome), Managed services, Internet of Things (IoT) and others. Service revenue grew by 17.3 percent to QR2.6bn, including the revenue from world cup related services.

EBITDA increased to QR1.2bn reflecting strong growth of 19.7 percent compared to last year, positively impacted by the higher service revenue and the continued cost optimisation programme.

EBITDA margin at 40.2 percent decreased by 0.6 ppts due to higher mix of low margin projects revenue.

However, underlying EBITDA margin excluding equipment, projects and one-off benefits increased by 1.4 ppts year-on-year to reach 45.2 percent.

Total mobile customers reached 2.1m representing growth of 8.9 percent YoY. In addition to this, 419 thousand Fan SIM cards were activated for World Cup 2022.

Based on Vodafone Qatar's commitment to enhance share-holder value and the strong financial performance, the Board of Directors have recommended the distribution of a cash dividend of 10 percent of the nominal share value, i.e. QR 0.10 per share, which will be presented at the Company's next Annual General Assembly for approval.

Abdulla Nasser Al Misnad, Chairman of the Board of Directors at Vodafone Qatar, commented,“In 2022, Vodafone was able to continue its progress in developing and providing both consumers and businesses across Qatar with the cutting-edge technologies needed to improve their lives and digitally transform. We continued to deepen important partnerships within the local business and community spheres, and by further expanding our growing IoT product portfolio we successfully extended our product offerings, supporting businesses and SMEs in their missions to increase operational efficiencies and drive growth.”

Rashid Fahad Al Naimi, Managing Director at Vodafone Qatar, said,“2022 marked a historical turning point for Qatar, when it became the first Arab country to host the biggest sporting event in the world and it did so with tremendous success.

2022 was also a year of major milestones for Vodafone, the most notable of these being the launch of our national“We Fan Together” campaign, which helped to further bridge the gap between the corporate world and our customer base, and which leveraged the latest advancements in Virtual Reality (VR) technology to deliver a one-of-a-kind Metaverse experience.

”He added,“As a company deeply involved in all aspects of the country's technology sector and in recognition of our ability to sustain our business operations in spite of the extraordinary circumstances that we have all weathered over the last couple of years, we received the newest version of the ISO 22301:2019 international certification for Business Continuity Management Systems.

Sheikh Hamad Abdulla Jassim Al Thani, Chief Executive Officer at Vodafone Qatar, noted,“As a business that was built in Qatar for Qatar, 2022 was an excep-tional year for Vodafone Qatar. Ahead of what became the most memorable and momentous of tournaments, we made a promise to be the largest supporter of fans.

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