Ooredoo’s 2023 profit reaches all-time high of $824m

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Qatari telecom major Ooredoo reported an all-time high net profit of QAR3 billion ($824 million) in 2023, up 28 percent year on year thanks to solid performances in Iraq, Kuwait, Algeria and the Maldives.

Revenue increased by two percent year on year to QAR23.2 billion, the company, which trades on the Qatar stock exchange, said in a statement.

“2023 was a noteworthy year. We improved our financial position and made substantial progress against our strategic priorities,” said  Aziz Aluthman Fakhroo, managing director and CEO of Ooredoo Group.

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He added that the company delivered financial results in line with its full-year 2023 guidance.  

“As we look ahead, we will continue to drive operational efficiency for profitability and cash generation while advancing our strategic priorities.”

Most operations across the group added customers to the network, with the total customer base reaching 57.6 million, up 3 percent year on year.

The customer base was 156.4 million, including the Indosat Ooredoo Hutchison joint venture in Indonesia.

The telco’s board will recommend a cash dividend of QAR0.55 per share at the annual general meeting, which will be held in March 2024. The proposal represents a dividend increase of 28 percent annually. 

In October 2023, Ooredoo Group, Kuwait’s Zain Group, and UAE’s TASC Towers Holding jointly signed definitive agreements to create the largest tower company in the Mena region, valued at $2.2 billion.