(MENAFN- The Peninsula) The Annual General Meeting of Ooredoo yesterday approved the recommendation of the Board of Directors to distribute a cash dividend of 40 percent of the nominal share value (QR4 per share).
In addition, shareholders had the opportunity to discuss and approve the company's corporate governance report and financial statements for 2014.
In his address, Ooredoo Chairman Sheikh Abdullah bin Mohammed bin Saud Al Thani discussed the achievements of 2014 including Ooredoo's success in reaching more than 107 million customers worldwide; launching 3G, 4G, 4G + and fibre services in markets across its footprint; and enriching people's lives through a range of new initiatives. Ooredoo's focus on data delivered positive returns in 2014, with data revenue now representing 25 percent of total Group revenue, which positions the company well for future growth.
Ooredoo also commercially launched services in Myanmar in the summer of 2014, adding a new market to its global portfolio and offering 3G services to a population that had previously had very limited access to the Internet.
Sheikh Abdullah said Ooredoo has taken a leadership role in data services across our footprint, because the company believes that all its customers will benefit from the new opportunities of the digital era. Through its investment in networks and new services, Ooredoo is changing people's lives in markets as diverse as Qatar, Iraq, Algeria and Myanmar.
He observed that shareholders can see the impact of these investments in the results for 2014, where the company good returns despite some difficult markets, and will continue to see positive results in the future.
As of December 31, 2014 the Group's consolidated customer base stood at 107 million (FY 2013: 96 million), representing year-on-year growth of 12 percent. Group revenue for 12 months in 2014 decreased by 2 percent to QR33bn (FY 2013: QR33bn). Group EBITDA stood at QR12bn (FY 2013: QR14bn) with EBITDA margin decreased to 39 percent (FY 2013: 43 percent) due to the continued strategic investments across the business into broadband networks, customer acquisition and retention, global brand roll-out, service launches and customer experience.
Net profit attributable to Ooredoo shareholders for 2014 was QR2bn (FY 2013: QR2.5bn). In Qatar, Ooredoo saw strong growth across its network, with revenue growing by 8 percent to QR7bn (FY 2013: QR6.5bn) and customer numbers increasing 10 percent to 3.2 million. The growth in revenue was driven by mobile services, broadband, mega-projects and device sales. EBITDA increased by 5 percent to QR 3.4bn compared to the previous 12 months. Net profit for FY 2014 increased by 40 percent to QR 1.9bn (FY 2013: QR1.3bn) due to higher EBITDA and sale of investments.
The AGM also elected board members for the next four years. Sheikh Abdullah bin Mohammed bin Saud Al Thani is the Chairman of the new Board. Other members are: H E Ali Sherif Al Emadi, Mohammed vin Issa Al Mohannadi, Omer Abdulaziz Al Hamed Al Marwani, Aziz Aluthman Fakhroo, representative from the General Retirement & Social Insurance Authority, Nasser Rashid Al Humaidi, Ibrahim Abdulla Al Mahmoud, Khalifa Matar Al Mheiri, and Mohamed Ahmed Al Qamzi.
In an extraordinary meeting that followed the AGM, the assembly approved an amendment of Article 25 of the company's articles of association.
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