Vodafone Qatar (VFQS) Q4 2023 earnings summary

Executive summary

• FY23 revenue reached QR3,111m; underlying growth was 6.1% excluding the World Cup impact, supported by service revenue growth. Net profit rose 7.5% to QR540m.

• Market share gains, network expansion and diversification accompanied stronger profitability and cash generation.

Financial highlights

• Reported revenue increased 1.5% to QR3,111m; service revenue rose 5.5%, partly offset by lower project revenue and one-off World Cup revenue.

• EBITDA was QR1,286m, up 4.2%; net profit was QR540m, up 7.5%; EPS rose to QR0.128 from QR0.119.

• Excluding the World Cup impact, revenue grew 6.1%, EBITDA 7.0% and net profit 13.8%.

• Q4 YoY revenue declined 8.7%, service revenue 5.8%, EBITDA 5.5% and net profit 11.9%.

Outlook and guidance

• FY23 revenue growth of 1.5% was within the stated YoY guidance; EBITDA margin of 41.3% was within the 1–1.5 ppt improvement range, and CAPEX intensity of 17.7% was within the 17–18% range.

• Proposed dividend of 11% of nominal share value, totaling QR465m, is subject to shareholder approval at the upcoming AGA.