Vodafone Qatar reports 7.5% net profit growth

Vodafone Qatar reports 7.5% net profit growth

Vodafone Qatar reported a net profit of QR540mn in 2023, reflecting a 7.5% increase compared to the previous year mainly driven by EBITDA growth.

Total revenue, excluding the World Cup’s impact in 2022, increased by 6.1% year-on-year (y-o-y) reaching QR3.1bn due to continued growth across various business segments, including fixed broadband services, managed services, IoT, and others. However, the reported total revenue for the year increased by 1.5%. Service revenue, excluding the World Cup’s impact, grew by 8.9% to QR2.8bn, whereas reported service revenue increased by 5.5%.

EBITDA for the period increased to QR1.3bn, reflecting a 4.2% growth compared to last year, positively impacted by the higher service revenue and the continued success of the cost optimisation programme. Consequently, the EBITDA margin reached 41.3%, expanding by 1.1ppts.

The total number of mobile customers reached 2.15mn, representing an underlying increase of 2% y-o-y.

Based on Vodafone Qatar’s commitment to enhance shareholder value and the strong financial performance, the board of directors have recommended the distribution of a cash dividend of 11% of the nominal share value (QR0.11 per share), which will be presented at the company’s next annual general assembly for approval.

Abdulla Nasser al-Misnad, Vodafone Qatar chairman, stated: “2023 has been another exceptional year where