Meeting Approves the Company’s Financial Statements for 2015 and Distribution of 30 percent Cash Dividend
The Annual General Meeting of Ooredoo was held today, as shareholders discussed and approved the company’s Corporate Governance Report and financial statements for 2015.
During the meeting, shareholders approved the recommendation of the Board of Directors to distribute a cash dividend of 30 percent of the nominal share value (QR 3 per share).
In his address, H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, Chairman, Ooredoo, outlined the company’s significant achievements in 2015, including its success in building data leadership across its markets. Ooredoo Group’s data revenue now represents 37 percent of group revenue compared to 25 percent in 2014. Data revenues reached QAR 12 billion in 2015.
His Excellency pointed to a number of positive trends, including the growth of Ooredoo’s customer base to 117 million, up 9 percent on 2014 – or nearly an additional 10 million customers – driven by strong performances in Qatar, Indonesia Oman, Algeria and Myanmar.
Ooredoo delivered QAR 32.2 billion in revenue in 2015, and EBITDA of QAR 13 billion. Net debt is down 4 percent and net debt to EBITDA ratio improved from 2.3 to 2.2, reflecting Ooredoo’s efforts to have an efficient capital structure in place.
His Excellency outlined plans to evolve its current strategy to deliver above-market growth across its footprint, as well as the changes to its business model that will ensure that the company benefits from flexibility. The company has also been successful in expanding the Ooredoo brand across eight markets, following the successful rebrand of Indosat Ooredoo in 2015.
During the AGM, the following items were approved:
1. Hearing and approving the Board’s report for the year ended 31st December 2015 and discussing the company’s future business plans.
2. Discussing the Corporate Governance Report for the year 2015.
3. Hearing the External Auditor’s report for the year ended 31st December 2015.
4. Discussing and approving the company’s financial statements for the year ended 31st December 2015.
5. Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2015.
6. Discharging the members of the Board from liabilities and determining their remuneration for the year ended 31st December 2015.
7. Appointing the external auditor for the year 2016 and determining its fee.
In an extraordinary meeting that followed the AGM, the assembly approved amending the company’s articles of association, so that the word “Government” has been replaced by “Qatar Holding” after being approved by the concerned parties. In addition, the meeting agreed to amend the company’s articles of association to be compatible with Commercial Companies Law Number (11) for 2015, and authorised the Chairman the power to approve the amendment.
Ooredoo is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company was named “Most Innovative Company of the Year – MEA Region” at the 2015 International Business Awards.
The company reported revenues of USD 8.8 billion in 2015 and had a consolidated global customer base of 117 million customers as of 31 December 2015. Ooredoo’s shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.