It is our pleasure to present Vodafone Qatar's financial results and business performance for the fiscal year concluded on December 31st 2023.
A Glimpse into 2023
Over the past year, we have seen remarkable progress and achieved significant milestones which strengthened our ability to anticipate market trends in addition to exploring new paths and innovations. This overview sheds light on the dynamic landscape and notable achievements that shaped our journey in 2023, where we managed to position ourselves at the forefront of the telecommunication sector through our innovation capabilities and keeping abreast with global technological advancements.
Vodafone Qatar's 2023: Transformative Achievements
In 2023, technology played a prominent role in connecting our world across various areas, such as education and healthcare, in addition to reinforcing and solidifying the success opportunities of the historic event represented by the FIFA World Cup Qatar 2022. Vodafone Qatar embraced this transformation by teaming up with both Nokia to provide better broadband services and Microsoft for advanced AI insights. Partnerships were also forged with local universities, such as Qatar University, to support the next generation of innovators.
Globally, Vodafone Qatar received the World's Fastest Mobile Network award for the year 2022, according to test results based on consumer-initiated tests conducted using the 'Speedtest' service developed by the American company Ookla. This achievement was announced at the Mobile World Conference (MWS) in 2023, and it underscores Vodafone Qatar’s ongoing commitment to the development of its network with the aim of always providing unparalleled connectivity experiences to its customers.
As part of our efforts to expand our innovation horizons, we launched the 'eKYC' mobile SIM activation, which uses AI facial recognition technology to provide customers with an eco-friendly and secure experience. We also introduced a delivery service that delivers our products to our customers wherever they are, in addition to launching Qatar’s first Internet of Things (IoT) tracker device for consumers. These initiatives underline Vodafone Qatar's commitment to adopting advanced and contemporary solutions, as well as its dedication to fostering a digitally inclusive and environmentally conscious lifestyle. Consequently, the Company is prepared for all anticipated transformations in the coming years, with a strong awareness of its customers' evolving needs, aiming to ensure that the world is at their fingertips.
In addition to the above, Vodafone Qatar also entered a partnership with the Qatar Financial Centre (QFC) through the signing of an MoU to provide advanced services, which include, mobile and fixed services, IoT, and Cyber Security solutions. The goal of this partnership is to empower QFC-licensed enterprises for enhanced business agility and to help them succeed in achieving their objectives.
Financial Highlights
The Company reported a net profit of QR 540 million for the financial year 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 reaching QR 3.1 billion, 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 QR 2.8 billion, whereas reported Service Revenue increased by 5.5%.
EBITDA for the period increased to QR 1.3 billion, reflecting a growth of 4.2% 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 2.15 million, representing an underlying increase of 2% year-on-year.
Based on Vodafone Qatar’s commitment to enhancing shareholder value and strong financial performance, the Board of Directors has recommended the distribution of a cash dividend of 11% of the nominal share value, i.e. QR 0.11 per share, which will be presented at the Company’s next Annual General Assembly for approval.
A Word of Appreciation
With the conclusion of yet another successful year, the Board of Directors expresses sincere gratitude to His Royal Highness Sheikh Tamim bin Hamad Al Thani, the beloved Amir of the State of Qatar, for his insightful vision in Qatar’s 2030 National Vision and for providing all the necessary foundations for the success of the telecommunications and digital transformation sectors.
We would also like to express our most earnest appreciation to the regulatory authorities represented by the Communications Regulatory Authority, the Ministry of Communications and Information Technology, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, and the Qatar Central Securities Depository (EDAA) for creating a safe environment which inspires trust and instils a sense of security.
It is also essential to extend our utmost gratitude to our Executive Management team for their exceptional leadership, and to our dedicated employees for their concerted efforts and commitment to achieving excellence.
Lastly, we salute our valued customers and stakeholders for their continuous trust and support, which forms the foundation of Vodafone Qatar's success, and we assure them of our everlasting commitment to continue collaboration and achieve success in the coming year.
It is our pleasure to present Vodafone Qatar's financial results and business performance for the fiscal year concluded on December 31st 2023.
A Glimpse into 2023
Over the past year, we have seen remarkable progress and achieved significant milestones which strengthened our ability to anticipate market trends in addition to exploring new paths and innovations. This overview sheds light on the dynamic landscape and notable achievements that shaped our journey in 2023, where we managed to position ourselves at the forefront of the telecommunication sector through our innovation capabilities and keeping abreast with global technological advancements.
Vodafone Qatar's 2023: Transformative Achievements
In 2023, technology played a prominent role in connecting our world across various areas, such as education and healthcare, in addition to reinforcing and solidifying the success opportunities of the historic event represented by the FIFA World Cup Qatar 2022. Vodafone Qatar embraced this transformation by teaming up with both Nokia to provide better broadband services and Microsoft for advanced AI insights. Partnerships were also forged with local universities, such as Qatar University, to support the next generation of innovators.
Globally, Vodafone Qatar received the World's Fastest Mobile Network award for the year 2022, according to test results based on consumer-initiated tests conducted using the 'Speedtest' service developed by the American company Ookla. This achievement was announced at the Mobile World Conference (MWS) in 2023, and it underscores Vodafone Qatar’s ongoing commitment to the development of its network with the aim of always providing unparalleled connectivity experiences to its customers.
As part of our efforts to expand our innovation horizons, we launched the 'eKYC' mobile SIM activation, which uses AI facial recognition technology to provide customers with an eco-friendly and secure experience. We also introduced a delivery service that delivers our products to our customers wherever they are, in addition to launching Qatar’s first Internet of Things (IoT) tracker device for consumers. These initiatives underline Vodafone Qatar's commitment to adopting advanced and contemporary solutions, as well as its dedication to fostering a digitally inclusive and environmentally conscious lifestyle. Consequently, the Company is prepared for all anticipated transformations in the coming years, with a strong awareness of its customers' evolving needs, aiming to ensure that the world is at their fingertips.
In addition to the above, Vodafone Qatar also entered a partnership with the Qatar Financial Centre (QFC) through the signing of an MoU to provide advanced services, which include, mobile and fixed services, IoT, and Cyber Security solutions. The goal of this partnership is to empower QFC-licensed enterprises for enhanced business agility and to help them succeed in achieving their objectives.
Financial Highlights
The Company reported a net profit of QR 540 million for the financial year 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 reaching QR 3.1 billion, 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 QR 2.8 billion, whereas reported Service Revenue increased by 5.5%.
EBITDA for the period increased to QR 1.3 billion, reflecting a growth of 4.2% 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 2.15 million, representing an underlying increase of 2% year-on-year.
Based on Vodafone Qatar’s commitment to enhancing shareholder value and strong financial performance, the Board of Directors has recommended the distribution of a cash dividend of 11% of the nominal share value, i.e. QR 0.11 per share, which will be presented at the Company’s next Annual General Assembly for approval.
A Word of Appreciation
With the conclusion of yet another successful year, the Board of Directors expresses sincere gratitude to His Royal Highness Sheikh Tamim bin Hamad Al Thani, the beloved Amir of the State of Qatar, for his insightful vision in Qatar’s 2030 National Vision and for providing all the necessary foundations for the success of the telecommunications and digital transformation sectors.
We would also like to express our most earnest appreciation to the regulatory authorities represented by the Communications Regulatory Authority, the Ministry of Communications and Information Technology, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, and the Qatar Central Securities Depository (EDAA) for creating a safe environment which inspires trust and instils a sense of security.
It is also essential to extend our utmost gratitude to our Executive Management team for their exceptional leadership, and to our dedicated employees for their concerted efforts and commitment to achieving excellence.
Lastly, we salute our valued customers and stakeholders for their continuous trust and support, which forms the foundation of Vodafone Qatar's success, and we assure them of our everlasting commitment to continue collaboration and achieve success in the coming year.