Vodafone Qatar CEO, Sheikh Hamad Abdulla Jassim al-Thani
*The company has registered the first ever-profitable year, resulting in 'significant' increase of QR374mn compared to 2017; Vodafone Qatar Board of Directors recommends distribution of 5% of nominal share value as cash dividend
Vodafone Qatar has posted a net profit of QR118mn for the year ended in December 2018, the first ever-profitable year, resulting in a "significant" increase of QR374mn compared to the year before.
The financial results for the full year that ended on December 31, 2018 showed that Vodafone Qatar’s total revenue returned to year-on-year growth for the first time in four years, increasing 5.1% to reach QR2.1bn in 2018, driven by growth in postpaid, fixed and handset revenue.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the reported period stood at QR584mn, representing an increase of 8.5% compared to last year, positively impacted by higher revenue and lower costs.
Consequently, the EBITDA margin improved by 0.9 percentage points to reach 27.8%.
Based on the 2018 “solid” financial results, Vodafone Qatar's board of directors recommended the distribution of a cash dividend of 5% of the nominal share value, i.e. QR0.25 per share, totalling QR211.4mn, for approval at the company’s Annual General Assembly.
Vodafone Qatar’s “strong” financial results are primarily due to its success in growing its postpaid subscribers and fixed services, as well as its effective cost optimisation programme, the company said on Monday.
Vodafone Qatar is now serving 1,417,000 customers. Postpaid customers grew outstandingly last year by 24.1% due to the innovative products and the popularity of Vodafone’s ‘FLEX’, ‘Red’ and ‘Enterprise’ plans that suit all customer needs.
Reflecting the company’s growth in the postpaid segment, the total average revenue per user (ARPU) for the year stood at QR105, a 5.6% growth year-on-year.
On the results, Vodafone Qatar CEO, Sheikh Hamad Abdulla Jassim al-Thani said, “2018 was defined by strong financial performance and a year that truly marked a significant turning point in the life of our company. The crucial decisions made and milestones achieved in our strategy have put us on a clear path to growth.
“We made major strides in 2018 to become a fully converged telecommunications company and I am extremely proud of our role of being at the forefront of the digital era. We have built an ecosystem of digital products and services for the evolving demands of our customers for both consumers and businesses alike.
“Now, with 5G deployments well underway across key locations in the country, since switching on our 5G network in August 2018, we have strengthened our commitment to invest in Qatar’s information, communication, and technology sector and bring world-class infrastructure to the country. Beyond our investments in 5G technology, we are also investing heavily in our fixed-network infrastructure. We are rolling out Vodafone GigaNet fibre in more than 20 strategic areas with plans in 2019 to continue our roll-out.”
Sheikh Hamad said, “We are confident that we have the right strategy in place to succeed and accelerate our company’s growth in 2019 and beyond. We will continue our strong commitment to pioneer digital innovation in Qatar and to be a leading contributor to the bold and ambitious aims of the Qatar National Vision 2030.”
(c) Gulf Times Newspaper 2019 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers