The value of the proposed dividends distributions for the fiscal year 2020 of Qatar telecom companies amounted to about 1.02 billion riyals.
Proposed dividends distributions for Ooredoo shareholders are of 801 million riyals, and 212 million riyals for shareholders of Vodafone Qatar.
Qatar telecom companies’ gains
Qatar telecom companies’ profits recorded a decline of 29.8% on an annual basis, by the end of 2020. Profited recorded about 1.3 billion riyals, compared to 1.72 billion riyals in 2019.
Experts attributed the decline Qatar telecom companies profits to a decrease in the profits of Ooredoo by 35%, after it set aside part of the allocations to confront the decline in currency exchange rates.
In addition to the decrease in operating revenues by 4%, to about 28.8 billion riyals, despite a 3% increase in the subscriber base, to reach 121 million customers in twelve markets in the world.
Ooredoo’s gains recorded a growth of 29% in the previous year, after a 4% growth in revenues, reaching 2.2 billion riyals, driven by the high demand for fixed broadband services.
It is worth noting that the Ordinary General Assembly of Ooredoo will discuss on next March 3 the proposal of its board of directors to distribute cash dividends of 25% of the nominal value of the share, at 25 dirhams for 2020.
In a statement, the Qatar Stock Exchange stated that the seventh of next March will be set as a reserve date for the General Assembly, while the quorum was not reached in the first meeting.
During the company’s general assembly meeting, the reports of the board of directors and the auditor for the last fiscal year, profit and loss account, future plans and the governance report will be reviewed.
The capital of Ooredoo, which is listed on the Qatar and Abu Dhabi Stock Exchanges, is worth 3.20 billion riyals, for the number of shares of the same number, where the nominal value of one share is 1 Qatari riyal.
On the other hand, the Planning and Statistics Authority data showed that inflation rates in the State of Qatar decreased by 1.29% on an annual basis during January.
The Qatari consumer price index reached 97.11 points in January, compared with 98.38 points in January 2020.