The Board of Directors of Vodafone Qatar has recommended the distribution of a cash dividend of 5 percent of the nominal share value, or QR0.05 per share, which will be presented at the Company’s next Annual General Assembly for approval.
Total revenue of the company increased by 3.5 percent (year-on-year) to reach QR2.2bn, due to higher demand for the Company’s fixed broadband services (GigaHome) and continued growth in Postpaid. Service revenue grew by 3.7 percent to QR2bn. Vodafone Qatar is now serving 1.7 million mobile customers.
EBITDA for the reported period stood at QR808m reflecting a strong growth of QR99m or 14 percent compared to 2019, positively impacted by the higher service revenue and the continued cost optimisation programme.
Consequently, EBITDA Margin improved by 3.4 percentage points to reach 36.7 percent, the highest in the Company’s history.
Commenting on the results, Vodafone Qatar’s Chairman, Abdulla Nasser Al Misnad, said: “For many businesses, 2020 was an exceptionally difficult year laden with challenges. Nonetheless, we remained focused on executing Vodafone’s defined corporate strategy, which has provided a strong platform contributing to our profitable growth. From the onset of the global pandemic, we put great effort into providing vital connectivity to our customers, government, education and healthcare and supporting businesses. The focus and resilience demonstrated reflect the robust performance we delivered this year. This of course could not have been possible without the relentless effort and dedication of our employees and suppliers who I would like to thank on behalf of the Board and management.
Rashid Fahad Al Naimi, Vodafone Qatar Managing Director, added: “Vodafone Qatar finished 2020 with twelve consecutive quarters of higher year-on-year revenue, despite global telecommunications industry headwinds that continue to erode overall market value. Strengthening and growing our core business and implementing strategic plans that are dynamic in meeting with the sweeping changes in the ICT sector, while driving operational efficiencies is enabling us to deliver consistent strong results. With this, we are confident in our ability to continue to deliver profitable and responsible growth to our shareholders.”
Sheikh Hamad Abdulla Jassim Al Thani, CEO at Vodafone Qatar, added: “Fundamental to our long-term ability to sustain our current growth momentum lies in the importance of Vodafone to be at the forefront of technological advances. In 2020, we accelerated investments in both our wireless and fixed network infrastructure in addition to modernising our IT systems. These investments have enabled us to continue diversifying our revenue mix such as the acceleration of our home broadband and TV entertainment service for our consumer segment. Within the enterprise segment, we have extended beyond connectivity with a portfolio of managed services and smart solutions such as the Internet of Things and Big Data that some of the country’s biggest entities have adopted. Looking forward, the focus will remain on executing all pillars of our Digital 2023 strategy, in particular driving digital transformation and innovation in advanced technologies”.