The Chairman of Ooredoo, Sheikh Abdulla bin Mohammed bin Saud Al Thani (second right), with Group CEO, Sheikh Saud bin Nasser Al Thani (right), Group Deputy CEO and CEO Ooredoo Qatar, Waleed Mohamed Al Sayed (left); and other members of Board of Directors
Ooredoo Chairman Sheikh Abdulla bin Mohammed bin Saud Al Thani said yesterday that digital transformation has enabled Ooredoo to mitigate some of the challenges facing the fast-evolving telecommunication sector.
Addressing Ooredoo’s Annual General Assembly Meeting, Sheikh Abdulla said the global communication industry is facing huge challenges. By becoming the preferred provider of digital services, Ooredoo is staying ahead of market demand and opening important new data and business revenue streams to counterbalance the fall in demand for traditional services.
He said the focus on digital and data leadership delivered positive returns for Ooredoo in 2019. During the year, data revenue increased to more than 50 percent of Group revenue, an important milestone for a telecommunications company that continues to evolve and develop.
“It is evident all our markets have strong demand for data services, and our ongoing commitment to enhancing people’s digital lives with our superior technology and innovation has delivered impressive results for 2019. The significance of data revenue now representing 50 percent of Group revenue is a clear indication that our strategy of digitalisation continues to be appropriate and effective. Our progress has enabled us to consolidate our position within the global telecommunications market, and we look forward to continuing this progress in 2020,” he said.
He said the focus on digital and data leadership delivered positive returns for Ooredoo in 2019. During the year, data revenue increased to more than 50 percent of Group revenue, an important milestone for a telecommunications company that continues to evolve and develop.
Reflecting confidence in the Group’s commitment to capital discipline, well-respected agencies including Moody’s Investor Service, Standard & Poor’s Ratings Services and Fitch Ratings continued to assign strong credit profiles to Ooredoo Group throughout 2019.
“Alongside the investment in digital innovation, Ooredoo continued to review the assets in our portfolio to ensure that we are achieving the highest levels of efficiency and effectiveness to ensure the strongest return for shareholders… One of the most impactful examples of this approach was Indosat Ooredoo’s Sales and Leaseback agreements with the winning bidders of a competitive tender process for the sale of a batch of 3,100 telecommunications towers. By monetizing some non-core assets at a fair valuation, Indosat Ooredoo has been able to unlock the value of a portion of its tower portfolio, which in turn supports investment in other mission-critical parts of the business,” Sheikh Abdulla noted in a statement issued on the occasion of the annual general assembly.
In his message, Ooredoo Group CEO Sheikh Saud bin Nasser Al Thani recalled the ‘transformative impact’ that Ooredoo team had delivered across its global footprint. “Ooredoo Qatar was the first company in the world to launch 5G services, bringing the next generation of mobile internet to consumers, businesses and major venues. In addition, Qatar achieved the fastest-ever rollout of gigabit fibre, leading to the highest fibre penetration per household in the world.”
Digital transformation has provided significant opportunities for new revenue growth. The B2B segment offers a material growth opportunity across our markets, and 2019 saw numerous examples of operating companies deploying digital solutions for the largest enterprises and the leanest small businesses.
Sheikh Saud added: “In Oman, the pioneering Ooredoo B2B App was the first of tis kind in the country, enabling businesses to manage bundles and add-ons for their employees, while enabling individual employees to view accounts and access services.”
On an enterprise level, Ooredoo Qatar continued to expand its range of Internet of Things (IoT) services, launching new lines of sing SIMs for individual IoT devices in 2019.
“Looking ahead 2020 and beyond, Ooredoo is well-placed to achieve our ambitious digital strategy and will effectively manage costs to sustain market leadership and long-term shareholder value generation,” the Group CEO said.
At the AGM, the shareholders approved all the items on the agenda, including the recommendation of the Board Of Directors to distribute a cash dividend of QR0.25 per share.
