DOHA, Feb 11 (KUNA) -- Vodafone-Qatar has posted its first-ever yearly net profit, estimated at QR 118 million (about USD 32.4 million), and its first year-on-year growth in total revenues in four years by 5.1 percent to QR 2.1 billion (USD 577 million) in 2018.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the reported period stood at QR 584 million (USD 160.4 million) representing an increase of 8.5 percent compared to last year, positively impacted by higher revenue and lower costs, the company announced in a press release on Monday.
It estimated the free cash flow for the year at QR 201 million (USD 55.2 million), a 33 percent increase year-on-year. It argued that this helped reduce net debt to QR 419 million (USD 115.1 million).
Based on the 2018 solid financial results, the Board of Directors has recommended the distribution of a cash dividend of five percent of the nominal share value, or QR 0.25 (USD 0.069) per share, totaling QR 211.4 million (USD 58.06 million), pending the approval of the Company's Annual General Assembly.
The company attributed the profits to the success in growing its postpaid subscribers and fixed services, as well as its effective cost optimization program.
Vodafone Qatar is now serving 1,417,000 customers. Postpaid customers grew outstandingly this year by 24.1 percent, it revealed. (end) nnd.ibi
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