Vodafone Qatar has announced a solid financial and operational performance for the year 2024, showcasing consistent growth and improvements across key areas. The company recorded a net profit of QAR 601 million, marking an 11.2% increase compared to the previous year, primarily driven by a strong EBITDA performance.
Total revenue for the year reached QAR 3.2 billion, demonstrating a 2.5% year-on-year (YoY) growth, fueled by a 2.5% rise in service revenue to QAR 2.8 billion. This increase was attributed to growth across all business segments, including mobility, managed services, fixed broadband services (GigaHome), handsets, and others.
EBITDA also rose by 6.1% to QAR 1.4 billion, benefiting from higher service revenue and the successful implementation of a cost optimization program. As a result, the company’s EBITDA margin expanded to 42.8%, up 1.4 percentage points from the previous year.
Notably, Vodafone Qatar is now serving 2.1 million mobile customers.
Source: Vodafone Qatar
Executive Insights
H.E. Mr. Abdulla Nasser Al Misnad, Chairman of the Board of Directors at Vodafone Qatar, commented, “2024 has been another exceptional year where, guided by our ethos, ‘Together We Can,’ we highlighted our commitment to connecting today’s ideas with the technologies of tomorrow. Over the past year, Vodafone Qatar’s pioneering efforts in digital innovation have set new benchmarks within the global telecommunications industry, enhancing both product innovation and customer experience.”
Rashid Fahad Al-Naimi, Managing Director at Vodafone Qatar, said, “2024 was a year marked by our continued leadership in advancing Qatar’s digital infrastructure, fostering sustainable growth, and enhancing the lives of its citizens. We have reinforced our position as a front-runner in connectivity and innovation, delivering unmatched speed, reliability, and seamless connectivity for both our consumer and business clients.”
H.E. Sheikh Hamad Abdulla Jassim Al-Thani, Chief Executive Officer at Vodafone Qatar, noted, “Vodafone Qatar has undergone significant transformation over the past five years, evolving from a mobile operator into a fully diversified technology leader. This telco-to-techco evolution continued in 2024, with substantial investments in cloud and AI technologies.”
The three company executives emphasized that 2024 was a year of milestone innovations, marked by the world-first launch of Vodafone Qatar’s Instant SIM, empowering customers and setting a new benchmark in service innovation. The company also introduced a new portfolio of postpaid plans (which are designed to deliver exceptional benefits) and achieved a breakthrough in 5G technology through a landmark trial of 10+ Gbps speeds on a 5.5G high-band network.
Through a five-year partnership with Microsoft, Vodafone Qatar has enhanced its digital services, migrating all IT capabilities to Microsoft Azure. Aligning with Qatar’s National Vision 2030, it is the first telecom company to achieve a 4-star GSAS Design and Build (GSAS-D&B) rating at its headquarters (HQ) in Lusail, underscoring the company’s commitment to sustainability and dedication to integrating sustainable practices.
Looking ahead, Vodafone Qatar remains committed to five key objectives: simplifying operations, digitizing customer experiences, expanding core markets, diversifying beyond core markets, and upholding responsibility to customers, shareholders, and the environment.
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More on Vodafone Qatar’s Performance:
Vodafone Qatar Reports 12.8% Increase in H1 2024
Vodafone Qatar Continues Growth Trajectory in Q1 2024
Vodafone Qatar Records Strong Financial Performance in 2023
Vodafone Qatar Q1 2023: Strong Performance Across All Financial KPIs
