Vodafone Qatar held its Ordinary General Assembly Meeting on Tuesday chaired by Vodafone Qatar’s Vice-Chairman Akbar Al Baker.
The outcome of the Ordinary General Assembly Meeting was the approval of all resolutions on the agenda including the Board of Directors proposal to distribute a cash dividend of 11% of the nominal share value, i.e. QR 0.11 per share.
The meeting also covered the Board of Director’s report detailing the Company’s activities and its financial position for the financial year ended 31 December 2023.
The shareholders reviewed and endorsed the external auditor’s report on the Company’s Accounts for the financial year ended 31 December 2023 and the external auditor’s reports on the Company’s corporate governance and internal controls over financial reporting.
It was also approved unanimously that KPMG be re-appointed the Company’s auditors for the financial year 2024, in addition to approving their fees.
The shareholders approved the consolidated financial statements of the Company for the financial year ended 31 December 2023 and the Corporate Governance Report of the Company for 2023.
Moreover, there was unanimous agreement to discharge the members of the Board from all liabilities and approve their remuneration.
Addressing the shareholders, Akbar Al Baker said, “2023 was a seminal year for Vodafone Qatar and one in which we successfully leveraged our technological capabilities to position ourselves at the forefront of the telecommunications sector. From the utilization of artificial intelligence to the development of the Internet of Things, we have embedded innovation at the heart of our operations to ensure we are continually providing cutting-edge connectivity to our customers.
Collaboration is the key to growth and we have forged prosperous partnerships with a wide range of world-class technological institutions including Nokia and Microsoft to further develop our products and capabilities.
This climate of cooperation is one that we carry into 2024 as we continue working with trusted partners on the domestic and international stage to strengthen Vodafone Qatar’s vision, Together We Can.”
He added, “In 2023, the Company reported a net profit of QR 540 million, a 7.5% increase compared to the previous year. 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%. EBITDA increased to QR 1.3 billion, reflecting a growth of 4.2% compared to last year”.
During the meeting, under the supervision of Ministry of Commerce and Industry representatives, the election of one (1) independent member to the Board of Directors took place to fill a vacant seat for the remainder of the current Board term (2022-2024). Alnowar Mohammed M S Al-Kulaifi was elected by majority votes.
