Ooredoo shareholders have approved the board of directors’ recommendation to distribute a cash dividend of QR0.65 per share for 2024, the company announced during its Annual General Meeting on Tuesday. The decision comes after a year of strong financial performance, with the company reporting record-high earnings and sustained growth across key markets.
Robust Growth and Strategic Expansion
Addressing shareholders, Ooredoo Chairman HE Sheikh Faisal bin Thani al-Thani highlighted the company’s evolution into a leading digital infrastructure provider through strategic investments and global connectivity expansion.
“2024 was another solid year for Ooredoo Group, with substantial growth across all key financial metrics. Our strong results demonstrate that our strategy is working in delivering value to stakeholders and strong shareholder returns,” HE Sheikh Faisal said.
For the third consecutive year, Ooredoo reported growth in all key financial areas, closing 2024 with a record-breaking normalised net profit exceeding $1 billion for the first time. The company also maintained healthy cash reserves and liquidity levels, reinforcing its financial stability.
Financial Highlights
Driven by strategic investments and effective market positioning, Ooredoo’s revenue increased by 2% year-on-year (y-o-y) to QR23.6 billion in 2024. Strong performances in Iraq, Algeria, Kuwait, Tunisia, and the Maldives contributed to this growth, though revenue from Qatar and Oman saw a decline.
The company’s focus on profitability led to an EBITDA of QR10 billion, reflecting a 3% y-o-y increase, while the EBITDA margin expanded by 1 percentage point to 42.5%. Group net profit rose by 14% y-o-y to QR3.4 billion, with normalised net profit increasing by 12% to QR3.7 billion.
Ooredoo’s customer base also grew significantly, reaching 51.5 million customers by the end of 2024—a 5% increase y-o-y, excluding Ooredoo Myanmar. Including its joint venture, Indosat Ooredoo Hutchison (IOH), the total customer base stood at 146.2 million.
Key Strategic Developments
Among Ooredoo’s major achievements in 2024 was the establishment of MENA Digital Hub, a new carrier-neutral data center company. Additionally, the company partnered with NVIDIA, becoming its cloud partner in the region, further strengthening its position in the digital infrastructure space.
Ooredoo also secured a significant acquisition through Alcatel Submarine Networks with the ‘Fibre in Gulf’ project—the largest subsea cable ever built in the GCC. This initiative aims to enhance regional connectivity by linking all GCC countries and extending beyond.
Meanwhile, Ooredoo Fintech continued its expansion beyond Qatar and the Maldives, launching “walletii” in Oman, further cementing its leadership in the digital payments sector.
Looking Ahead
As Ooredoo continues to execute its long-term strategy, the company remains focused on driving innovation, expanding its digital footprint, and delivering sustained growth. With strong financial results and key investments in infrastructure and technology, Ooredoo is poised to strengthen its position as a global telecom leader in the years ahead.
