Omani Qatari Telecommunications Company SAOG (ORDS) Q3 FY2025 Earnings Call Transcript & Summary

[Foreign Language] Hello everyone. Thank you for joining us today for our Q3 earnings call. I'm Younis Al Naabi, Investor Relations department at Ooredoo Oman. It's nice to see you, and we are pleased to have all of you with us as we are working through our performance for the Q3 2025 and share updates on our strategic process. Joining us today are Sir Saoud Riyami, our Chief Executive Officer; and Sir Nasser Al Yaarubi, our Chief Financial Officer. They will be providing insights into our Q3 financial performance and deep operational highlights. Before we begin, a few necessary disclaimer going to Slide #2. Kindly note that during today's discussion, we may share forward-looking statements based on the information available to us as of today. Please note that our views may change over time, and we are not required to update you if they do. For further details, we encourage you to review of our public disclosure available on the MSX and Ooredoo Oman websites. With that, I will turn it over to our CEO, Sir Saoud Riyami to walk us through the highlights of Q3.

[Foreign Language] I would also like to thank you very much for your interest and participating in this session. And I'm glad again to see you from the last session we had. Let me just start with few macroeconomics updates. We have seen positive economic outlook with a clear government special attention as to achieve the Vision of Oman 2040. Very good indicators have been highlighted by the Vision 2040 focus in achieving and accelerating in some of the milestones set for the KPIs in different areas, specifically in the telecom and IT. We also see a good financial discipline that is mainly clear when you see the GDP is growing by 2.3% as well as the debt profile is maintained and is going lower. Another positive indicator, the credit rating, as you all have seen in July, Moody's upgraded Oman ratio to a better credit rating that also is another positive indicator. We also have seen a very good MSX value trading, which has tripled 3x. You actually can see some of the financial indicators percentage below the slide. We spoke about the GDP growing. And that, of course, reflects also an opportunity for us and the other operators to grow. Inflation has noticed a slight decrease. Last but not least, we see the debt to the GDP is actually having a good [indiscernible]. Next, I would actually like to be very consistent in our messages and mainly the 7 points will be summarized in what I will say. We would actually continue our discipline on spend and continuing our investment, as I shared with you. This is a transformation phase where we will focus on key areas, one of which is spending in the future towards investing in the future as well as focusing on some areas to deal with the organization, which at the very end, I will share some of the programs that we have in place to ensure that the organization is also fit for purpose and fit for the future investment that we do. You have seen some of our investment, not limited to Salalah DC, which was inaugurated officially in August. And I'd like also to share with you some positive news that we actually have filled almost 70% to 75% of its occupancy, and that is mixed for some commercial local businesses as well as international zone is actually being occupied by some of the opportunities we have captured from hyperscalers. We've got 3 to 4 sea cables and the pipeline coming into that Salalah data center and as well as the Sohar new data center, which planned to inaugurated end of this year. We are in touch also with some of the hyperscalers of the neighboring countries, some business customers to use that DC as a [indiscernible]. We also see our fixed and mobile services are actually in the [indiscernible] right. Some is actually lifting the performance, which my colleague, Nasser will take you into that. But specifically in mobile, we are seeing a good uplift on the [indiscernible] I also would like to share with you as a long collaboration with everybody in a government and industry leaders with our colleagues also in the curricular training track -- probably the CEOs and the CFOs of the operators we managed actually altogether to bring something positive in terms of -- in the area of the royalty. So the royalty is now unifying which also Nasser will also take you through a bit of details. Now it is at a percentage of 10% for both services. That, of course, will also have a positive impact in our network. Special thanks on this to everybody, including you, my colleagues at the sector and also the government consideration with the support of the regulatory. We are actually prioritizing, I don't want to sound repetitive, but we are prioritizing our CapEx spend for long-term growth, but not only that, we are focusing on smart investment that actually bring higher margin. There is the business as usual investment, which we will not stop to ensure our one and only vision to bring Ooredoo Oman as a leading customer experience. We totally understand and acknowledge that today, we are not in the leading stand. We are almost neck to neck with other operators, but we want to have smart investment to do with digital platforms, providing a better digital experience for our customers. With that, I actually leave you to the -- or take you through the snapshot of our numbers. On the revenue, we see a decline on -- we actually have predicted this decline year-on-year. That is due to the wholesale services, mainly because of the MVNO business line, which, of course, for those who are with us for the first time, we had for the last 3 years, Vodafone Oman in our network now that they have their own network, that revenue was actually expected in 2-plus years we have actually [ going ] from our top line. And this is where we would need to diversify, and this is where I said we have invested and we will continue to invest to offset this in the very soon future. However, on the other side, we actually have seen a positive increase from last year in our customer base, specifically in mobile, and that is mainly driven by postpaid. We see a -- of 8% increase. And in total, that is 2.8 versus 2.6 last year. Profitability, of course, is impacted by what I just shared mainly on the wholesale MVNO Vodafone departure, which has impacted the profitability with a net profit margin 3.4%. One thing I want to shed the light on the mix. We will continue expanding on our network to create a seamless customer experience, as I mentioned, investing in our digital platform, maybe sharing some of the projects that will -- that already have started and will be actually live early next year. We're revamping if the word is correct, our digital app. We are introducing more digital channels for our customers. We're creating super apps and we're getting partners, strategic partners and customer not only in Oman. Many SME partners to also help us in providing some digital platforms to provide a seamless customer experience. We will also continue on building our ecosystem for infrastructure. This is not only to capture the local business, but we are leveraging the group distribution around 2 continents to provide a global infrastructure connecting hyperscalers and operators and businesses from different countries to Oman, capitalizing on the proposition of [ country piece ] and the geographical situation of [ Ooredoo Oman ]. And that was very evident from the events we attend similar to the GCMA, which was hosted by Omantel, our colleagues in Omantel 2 days ago. We met with a lot of business customers international and local. We see a very good pipeline of business coming to Oman in next year and the years coming later. Next, 8.2% evident growth in total customers. Prepaid is also growing on revenue and base. Postpaid, as I mentioned earlier also, we see a good traction with the programs that we have done. And just to give you a glance of what are the different activities we have done that has impacted positively these results. There is a few vertical teams that actually specified on bringing the traction to more sales, I would say, quality sales of customers to ensure that there is no additional churn as well as getting some partners in our side to give us a better proposition in our plan. On the fixed side, we also have deployed different expertise from around the company and some experts, which now I am also happy to share that we are on a growth mode, what we have done from January to July has increased by 38% from what we did in the last 3 months. So these are some positive indicators that you will see at the end of this year when we present or when we meet next time. On the 3G shutdown, we have celebrated this with everybody in the country, all the operators and regulator and local partners. It was a very national project that has been completed with almost zero disruption to 5G and that would also give us and give our network a more capability to utilize the space of the 3G shutdown for our customers. Nothing much on the 4G. As a matter of fact, on the 4G coverage, we are continuing to upgrade our 4G to 5G. And year-to-date, we have added around 347 -- 350 sites to improve our coverage footprint to 900 in total now, 971 -- 900, 70% of the population coverage. That is all from my side. Management is very committed to ensure that this transformation is not a stereotype of what you guys have seen over the last 3 years. We are very determined to bring the yield of the net profit not only that we are also committed to make sure that the organization internally is fit for the purpose. Hence, I would, in my closing, give you and shed light on some of the programs we have put in place to make sure that we have the rightsize, the right capabilities and the right efficiencies to ensure we capture the growth of the market, not only from the connectivity business as usual, but from diversifying our investment and growth factors. Thank you.

Saoud, thank you for this. And I would like to throw some light on the quarter 2 results and go deeper a little bit on the financials. So the next slide. As highlighted by Saoud, we've seen a reduction in our revenue by around 3.5%. That's around OMR 6.8 million. And as highlighted, it's driven actually by lower wholesale as well as actually a few challenges we've seen in the fixed mainly. However, when we look at the quarterly picture, in spite the fact that actually quarter 2 or quarter 3 2025 revenue is in the area of OMR 58 million, so it's lower by OMR 3.3 million. The good news is that actually our service revenue is growing. We saw signs that actually the mobile is picking up and mobile itself has added actually OMR 0.5 million in the revenue and devices usually are actually of a very low margin. So this is actually an indication that at least the changes which we have been making in terms of supporting our mobile base and fixed base is working. Now in the chart below, it shows actually what -- or the contribution of various revenue streams. And there's actually lots of focus on the fixed and wholesale, which are currently representing around 35% as highlighted by our CEO, there is actually lots of attention now in building the capabilities to strengthen our wholesale and attract more and more opportunities and Salalah data center is just an example. Postpaid, which represents also around 34% is also a key area of our attention, and we saw it's growing and it's moving in the right track. We added a good number of customers this year. And hopefully, we'll continue that momentum and add more and more value. The quarter-on-quarter reduction of around 6% compared to quarter 3 '24 is mainly driven by the fact that actually, again, wholesale revenue where we've lost one revenue stream that's actually Vodafone, and that was expected. Yet again, has been highlighted, the good news is actually there were some indications that some of our revenue streams, key revenue streams are now back into growth. And hopefully, we see that flowing in our net profit and EBITDA soon, inshallah. Next slide. On the EBITDA, which is actually a simplified kind of EBITDA that actually is exclusion of interest tax and depreciation and amortization also without the royalty and fees, we've seen a reduction of around OMR 6.1 million that's around 7%. And this is mainly driven by lower revenue and is partially offset by our efforts in spending and efficiency and which has resulted in lower operating expenses. Our quarter-on-quarter progress, we see that actually the EBITDA is more or less stable, and there's slight decline. And hopefully, we will see things that's actually improving. There's a slight typo here, which is actually the quarter 3 '25 EBITDA is around 26.2% -- OMR 26.2 million. Yet, that's actually a good result, taking into consideration the decline of around OMR 3 million in our revenue. Next, net profits, we saw a reduction of around 13% year-on-year as highlighted in the chart that's presented by our CEO. However, if we look at quarter 3, '25 compared to quarter 3 '24, we saw an improvement by around 16%, partially attributed actually to the realty relief, which we got, but we have also one-offs that has also impacted this. Next, on the capital expenditure, again, we are committed towards actually investing in the network expansion, solidifying our capabilities to position us and to position Ooredoo in a very strong position when it comes actually to wholesale, the international carrier. Our data center that we have recently opened in Salalah is almost full, and there's very promising pipeline projects, which we expect that will drive some of our revenue streams upward and contribute positively to the bottom line. Our 5G, we've added a significant number of sites this year, 347 sites so far for 5G, leading to a coverage of around 97%. This also positions Ooredoo Oman in an advantageous position to offer seamless customer experience as highlighted again by Saoud. And this will also drive the customer loyalty and also create or differentiate us by having superior customer experience along with other efforts that we are doing in terms of digitalization and customer journey enhancements. When it comes to balance sheet, Ooredoo Oman's balance sheet remains very strong and with a strong control when it comes actually to liquidity and cash availability, the matter that has enabled us to invest and also consider lots of opportunities that we believe will position Ooredoo Oman in a better situation. The net debt-to-EBITDA, the annualized net debt is 0.11%. And as you can see, this is extremely low. And besides this, we do have also a very strong operating cash flow that funds our operation as well as investments supported also by availability and accessibility to revolving credit facilities, which again support Ooredoo Oman in terms of expansion and in terms of investments and in terms of modernization of its network. With this, I would like to hand over to Saoud for his final notes.

Sure, Nasser. Thank you very much, Nasser. Final notes, as I've already given you a glimpse of it. We are, as management of Ooredoo Oman, very committed and the entire team is very committed to bring this business to a much more better yield and net profit and bring it to diversify how we do business. Ever since we have been doing the connectivity business as usual, which undoubtedly will not take us anywhere for growth, yet it is still so far representing the majority of our contribution to the top line and bottom line. So future fit organization. What does this mean is we are actually in the entire organization will go under a restructure purpose and the restructure of any organization will always be seen as dropping in the size and downsizing and all these sort of conclusion. What we are doing, and I want to make sure that you guys also understand what we are doing here is the way we are doing it or we have done already Phase 1, where it's not a secret we have, as a listed company communicated that we have done an L1 restructure where we had almost 10 units. We have brought down that to specific units almost to 5 with also the management number has also reduced and some have been redeployed into different areas. The objective is to bring the organization for more efficiency and that efficiency must bring higher productivity against the previous years. So we actually had studies. We had expert houses to do some assessments. We are basing the -- I mean, we are basing the actions and the plans and the programs we have in place with those results, of course, with the help of our entire team to do workforce planning based on capabilities for the future. Hence, there will be an investment on people to do with AI and the future business requirements. We also based our restructuring of the organization to bring a performance culture team to the organization rather than what we have been doing over the last previous year. And when I say performance culture, yes, we do have a performance so-called culture, but it is not only the KPI set, but it is an ecosystem that we need to build from system, from culture from mindsets and a zero touch, if you like, KPIs that drives not only growth, but it drives efficiency and all the more investing and developing a few. The program have already started, as I mentioned, with Phase 1. Phase 2 will also be -- there are programs that the team has already presented. And also the Board have endorsed the programs and we will continue to bring an efficiency of productivity, increasing the capabilities of people for all those future investments we are doing so that people are -- or the organization is ready when the changes comes across us. On the drive growth, again, commitment to our competency of the network. That is not only limited to the number of sites but diversifying how do we do the infrastructure ecosystem in Oman and connecting the neighboring countries and connecting the other businesses around or across the globe. We will also accelerate our smart investment. Nasser have mentioned a few areas but there are specific projects when it comes to smart investment, not limited to the data centers, expanding in that area. Our infrastructure that is there for the last 20 years requires an upgrade for the digital cloud requirements and demands that comes to this market, specifically Oman. So we would like to be ready actually when those opportunities comes in. We will focus more on the global sales aspect of our infrastructure here. It's good to mention that we have infrastructure deployed last year in our network are in Europe and those are point of presence, which enables us not only to grow but also it gives us efficiency and not depending on the international players and leasing those international players rather than using our own, and it gives us also a tendency for our requirements internally capacity in our network. Last but not least, in this to control -- as I said, to control the rotational churn and unnecessarily base, there are programs of having a clean quality sales across the market and specifically to Ooredoo Oman. The only differentiator that we all believe in this market and everywhere in any service industry is your customer experience. People will only look and be loyal to an operator that provides a superior customer experience. We were there once upon a time, whether Nawras or Ooredoo was known for their customer experience, hence customers actually we didn't want to look for another option. We are determined for all those investments, not only by seeing it and having it in our strategy presentations but there are programs as we speak, have been implemented. We are not yet there. I am not happy about our customer experience so far. I am not saying it is not good. It is very good but we want to be the operator of choice when people have already a varieties of options in this market. Driving efficiency, of course, driving efficiency is a buzzword. But let me also give you the assurance that we are walking the talk. I said this in our last meetings. Now I'm glad also to tell you that 70% of our data projects have been completed. There are still some milestones to be completed. Once this is completed, it will actually give us a proper decision-making based on data. And not only data that are over Excel and other system, but this is also an area we are investing in AI to provide us the data. We will continue progressing on efficiency on the experts, and I think Nasser spoke about this. There are more than 5 to 6 saving programs. One is already with the support of everybody, as I mentioned earlier. And the rest are, Insha-Allah, work in progress. We are hoping some of them actually are ticked and completed before end of this year, and the rest will come on the 2026. Another area we are looking at, and I see my CFO here is the bad debt level. I'm also glad to tell you that we are improving in that area. And the key differentiator here is actually the support of every business unit rather than it is only one unit doing -- looking at this area. People are now having the culture of everybody is selling, everybody is actually connecting. And this is where I mentioned changing the culture mindset to make sure that this organization is not only a family, a family that has values of belonging and clearly connecting to people. We are also focusing on the working capital efficiency. And of course, that's to drive a better free cash flow. So all in all, commitment from the management is there. Some have been -- some of those programs have been achieved with the help of everybody that some are on progress and some will come in the future. I'm also aware and my colleagues that not everything we actually plan for would necessarily 100% be achieved with all the challenges. But we also believe with challenges, we have a team that is fit also for turning the challenges into opportunities with collaboration of everybody, not only in Ooredoo Oman but outside when it comes to the respective government entities and the regulatory. With that, I'm very happy to answer any questions or any queries that would make you leave this conference with confidence or ambiguity that will help you to take any decision in the future. Thank you very much.

Thank you Nasser and Saoud. [Operator Instructions] Yes, Joice, go ahead.

My questions -- first 2 questions are on your HP revenue -- HBB subscriber base as well as revenue. Could you please comment on that? Because I've seen there is a decline in the total number of subscribers as well as you have mentioned that one of the reasons for revenue decline is because of the decline in HBB revenue. So could you please touch upon that as well as on the Vodafone revenue, could you please throw some light on what's the quantum of revenue that is lost and how long this contract will be there with Ooredoo?

Thanks, Joice. On the fixed provider that we provide services via multiple technologies. And on the -- overall, we've seen a reduction of around 3,000 customers, and this may be in the area of LTE or 4G that is dialing kind of as being replaced with more technology that's 5G and DTH. And 5G and FTTH, we are growing. We managed to add more than 10,000 customers so far.

On the Vodafone.

Yes. On the Vodafone front, Vodafone actually start carving out their network at a very early stage. The contract was for 3 years. It expired last year. And now I can say that actually Vodafone has fully more or less used their own network when it comes actually to coverage of small buckets -- on the value, when it comes actually to the Vodafone total revenue, which we actually we have lost. This year, we are talking about actually to OMR 4.5 million yearly. It's actually declining. The revenue was declining. On the -- at some stage, it was more than OMR 1 million a month but that eventually shrink to around OMR 500,000, OMR 600,000 some towards the end of the contract.

Is that clear, Joice?

Yes, clear.

We see questions also in chat box. Could you please give us more insight about your Sohar data center, when it's expected to start credit was expected by initial impact on the -- on this project?

Okay. Thank you very much. What was the name of the person who asked? Okay. [Foreign Language] Good question. The Sohar data center is in operation. What does this mean? It is in operation since Q2 this year, and we do have already some customers in there. That's for the first part of the question. When I say December, that will be the official integration. And that's where we will actually also do the publicity for it showcase the capabilities of the data center to the attendees. The Sohar data center is 2 floor with a capacity of 200 to 250. We do use Sohar data center as a DR for our own use, and that is something to do with the business continuity. But we also have some international business already hosted in there. From the financial projection, I will give that to Nasser but this the capacity of the racks and it differs actually from a customer to a customer requirement. And it would also take you sometimes 1 or 2 customers to take the full space. And sometimes, it would take local customer more than international customers. I would actually maybe give this to Nasser to quantify the financial impact on that. We do have some revenues coming already from that data center. From the commercial perspective, we are already having a discussion buying some local and international...

[Foreign Language] Thanks, Mohammed. Sohar data center is one of our biggest data centers, which is, as mentioned by Saoud is a part of a bigger ecosystem that serves as mainly [indiscernible] And in terms of the business cases that we have, it's very optimistic, and we have seen already very promising pipeline. There are already some customers asking for the services. And there are already actually also some customers who are occupying the space. Now in terms of exact value, we are hoping this will develop more than OMR 2 million. And we do expect that's actually a different thing is scalable, and we expect more and more as we move on. But what I can tell as of now, it is very promising pipeline, and we hope to see more and more business coming and Sohar data centers play its complementary role with the full ecosystems that we are having with other data centers that we are having currently as well as the landing stations.

Yes. And there is another question from SS. Yes. On the first part, where you're asking about the tower, again, no update so far. Once there is an update from the shareholders on this, you will be updated. But so far, it is more compressive we're just to give you a different updates but that is that did so far. As for the CapEx, I think we have shed the light on what is the CapEx outlook for 2025. What is the distribution and what is network versus IT digital transformation split? And Nasser, if you have precisely that would be a great help. He or she is asking about what's split of CapEx.

Actually, we have presented this in one of our slides. We spent around OMR 38 million, and we do expect in the quarter 4 also to expedite some of the projects. So this will take us beyond the OMR 50 million mark for the 2025. And the CapEx intensity as of now is around 21%. 84% of this amount is for network expansions and key projects and the remainder 16% that covers IT, the digital transformation and all other things other than network.

Mr. [ Abbas ], you can ask.

One question on the tower side. I've been attending these calls for a while now. And I think in 1 of the earlier calls, maybe 1 year, 1.5 years ago, the CEO had clarified that you guys have between 2,500 to 2,700 towers. And I believe on the last call, which I did not attend, but I managed to catch up on it, the number given was actually different. So in terms of just the passive tower, if I had to look at your passive tower infrastructure and compare it to what Omantel sold to Helios Towers, my question is how many towers do you guys have now? And what's the book value of these towers?

[Foreign Language] So when it comes to the total towers, we are having more than 3,300 towers. And when it comes actually to the sales of this towers has been answered previously by Saoud, there's no more information. We don't have actually any updates regarding this metal. And when we have information that actually update we will definitely share with you.

Okay. Yes. No, my update was not actually -- in terms of sales and all it was just to get my numbers fact checked by you guys because there were different numbers that were thrown around in the calls. So I just wanted to be sure. And you're not in a position to comment on the carrying value of the towers?

Yes. I'm not currently in our position actually to disclose more and more information related to this particular topic but I promise you when we have actually any further updates, we'll definitely share with the investors, and we ensure that actually it's disclosed properly.

Sure. And Mr. Saoud commented on the strategy -- yes, please go ahead. Yes.

And [ Abbas ], also maybe the variation comes from the last [indiscernible] because our commitment is also to deploy more towers to get our network competencies. So maybe the additional sites from the last [indiscernible] is probably only in our plan where we have a number of sites that we have in our plan to do on a quarterly basis and also on a yearly basis.

Sure. I wanted to also get your -- you mentioned a couple of things in terms of the strategy slide. And of course, that's something that you're going to work towards. In terms of numbers, you said that you're looking at driving cost efficiencies. Is there a number you have in mind in terms of what sort of savings are you looking at in terms of OpEx expenses? Is that coming from maybe a new VRS scheme? Is it coming? Just a little more color on how do you propose to sort of go about these savings? And what's the target?

You see [ Abbas ] maybe Nasser shed the light on, specifically on the numbers that he can now. But what I wanted to give everybody is a comfort that everybody looks at what are the cost elements that we have and what do we do from top line to the bottom line. Of course, there are areas of providing -- that will provide cost efficiency. We have programs that kicked in, as I said. Some are already there, and it is in all aspects. It is all specifically also in how do we do our network expansion, okay? So there are multiple new models that are different from what we used to do. For example, there are areas maybe we do need to do it by ourselves but there are many areas that you would rather not spend this in providing your own build but give it to the partners that they actually do it. There are also areas to do with the IT perspective, right? There are multiple things that we are investing in front of bringing AI and enhancing some of the, let's say, processes that will save us a lot to do on the configuration side, shore, on-site, offshore and all these aspects. When it comes to the organization fitment, for example, I'm not saying here that we do a restructure for the sake of downsizing or increasing the number of people. As I said, it's scientific assessment. We are looking at -- we had house of experts who provide us 2 to 3 different assessments, and we look at the dynamics of Oman. We correlated it with our 3 years plan, what do we need? What skills do we need, what capabilities do we need? And we do have programs for those who have already been with us for a long time, and we would like to say, "Guys, if you already are on not an exit but if you would like to move on, there are programs sort of ambassadors and some other programs." We did that, and we have seen a good traction. And it also brought us back to a certain extent, yes, to bring the age of the organization, the tenor or the age of the population in here to bring it back from a level of the 38, 39 to a much younger by having different programs with the government of internship and some other fresh grad that actually have passion and energy to do much more and wants to excel on this area. So in a nutshell, there are different areas, different programs, not limited to one specific line.

Sure. No, I completely echo the point about fresh grads. Even the kind of fresh grads that are coming out in the system have been fantastic even for our sector as well. I have one last question, and that's -- it was very heartening to hear you use the word free cash flow because you mentioned part of the efficiency gain is when you're going to look at working capital management as well. So I wanted to talk about this free cash flow thing. One thing that's always surprised me about Ooredoo is that you generate even in a competitive market like this, where obviously things have been under pressure, you generate around OMR 80 million to OMR 85 million in net CFO. Your CapEx run rate is around OMR 45 million. And if I compare you to your local competitor, Omantel, you're practically debt-free. But somehow, you run a very tight ship when it comes to debt. And you're not very -- I mean, I would say not really using -- in my opinion, your dividends that you pay to investors aren't as generous as they could be, especially given the free cash flow that you generate. Now with you taking over as the CEO and you spoke about driving free cash flow growth, is there a plan to sort of relook at this? Because obviously, the market is focused on your tower sale, and there are lots of ifs and buts and when you sell it, what are you going to do with the money. But for me, I want to focus on the core business. And this core business, mind you, has been under a lot of pressure. And even then when I look at your net sort of free cash flow that you make after CapEx and given the kind of leverage you sit on, I mean, I am at my wits and why we're not looking at a higher sort of payout that can drive stock price growth, right? Because the idea of any company to exist is to maximize shareholder value. And now that you -- I mean, this is my opportunity to sort of throw this idea at you and see what are your thoughts, sir?

Yes. Look, [ Abbas, ] I think I had the opportunity to attend even previously with the previous management, and this has been always a title and something that also is not a concern, but a point of clarification as it was for me also as an investor, right? So I hear you very well, Abbas and everybody. My commitment is to increase the shareholder value, and you rightly put it, you as investors and all you're looking for a much more generous dividends. And that is where things need to be done before we commit to this. But just rest assured that this is also on my radar and the Board radar. I'm not sure if Nasser also is looking at me, and I'm sure he wants to add on maybe my commitment, you want me enough. But if you add maybe some of the financial into this from Nasal, that might give you a better confidence.

Abbas, thanks a lot for this question. And I can assure you this debate or this actually discussions or all possible options or whatever is actually amounts and investments and the means of funding them, they are all considered and evaluated properly before a final decision is made. And in lots of occasions, these things are fully in line with the shareholders. Yes, you are right that actually there are multiple options, and we are considering all those options and with our Board and the rest of the management and also with our shareholders in some occasions, we basically consider whatever is actually we believe is best for the organization and its shareholders. And as you mentioned, the ultimate objective for Ooredoo is to create the maximum return to the shareholders, either by providing the dividends or increasing the value of the organization. And as has highlighted and as I've also stressed that we are considering all the options, and we are considering all possibilities when we actually decide on the dividend or when we decide actually on any key projects like the tower shares or any other expansion.

Any further questions, ladies and gentleman. or any additional updates and disclosure, please see the Ooredoo analysis websites or [indiscernible] Investor Relation app. If you have any further questions or need more information, please feel free to reach out to our Investor Relations department. We are always happy to. Meanwhile, thank you again for your interest in Ooredoo and have a great day.