Vodafone Qatar (VFQS) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of QR 3,190 million for 2024, up 2.5% year-over-year, with net profit rising 11.2% to QR 601 million and EPS at QR 0.142.

• Board proposed a 12% cash dividend (QR 507 million), pending shareholder approval, with a new policy targeting at least 10% of share capital.

• Strategic focus on efficient telecom services, ICT expansion, XTech partnerships, and FinTech initiatives like iPay.

• Market share gains: 31.2% revenue market share and 43.8% mobility customer share in FY24 Q3.

• Audit opinion is unqualified, with financials prepared in accordance with IFRS.

Financial highlights

• Total turnover increased 2.5% year-on-year, driven by growth across prepaid, postpaid, managed services, and fixed segments.

• EBITDA reached QR 1,364 million, up 6.1% year-on-year; net profit grew 11.2% to QR 601 million.

• Free cash flow grew 2.4% to QR 596 million; net debt reduced by 22.6% to QR 232 million.

• Underlying net profit (excluding one-offs) up 8.4% year-on-year.

• EPS improved by 11.2% to QR 0.142.

Outlook and guidance

• FY25 guidance: revenue growth, EBITDA margin around 42%, CAPEX intensity 13–14.5%.

• CapEx to focus on FDD to TDD migration, new mobility sites, fixed network expansion, and IT modernization.

• Board proposed a higher dividend for 2024, reflecting confidence in future cash flows.

• No material impact expected from upcoming global minimum tax rules.

• Management continues to monitor new IFRS standards, with no significant impact expected.