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Thu 22 Mar 2018 10:45 AM

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Etisalat approves dividend for 2017

Eissa Al-Suwaidi reappointed chairman

Etisalat approves dividend for 2017

Etisalat’s shareholders have approved the board’s recommendation to pay full-year dividends of 80 fils per share for 2017, the company announced on Wednesday.

Additionally, the company’s annual general meeting also approved the board’s proposed buy-back programme of 5 percent of the company’s paid capital – representing 434.8 million shares – for the purpose of cancelling or reselling.

In a statement, the company announced that Eissa Al-Suwaidi was reappointed as chairman of Etisalat Group, and Eissa Abdul Fattah Kazim as vice president.

Hisham Abdullah Al Qassem, Mohammed Sultan Al Hamli, Saleh Abdullah Lootah and Mariam Saeed Ghobash were also appointed as members of the board of directors, with a seventh member to be announced “soon”, the statement added.

The general assembly assembly also elected four board directors to fill the board seats left unassigned for the government shareholder, including Sheikh Ahmed Mohd Sultan bin Suroor Al Dhahiri, Abdelmonem bin Eisa bin Nasser Alserkal, Khalid Abdulwahid Hassan Alrustamani and Otaiba Khalaf Ahmed Khalaf Al Otaiba.

Etisalat Group net profit after federal royalty reached AED 8.4 billion ($2.29 billion), leading to a net profit margin of 16 percent.

Consolidated EBITDA (earnings before interest, taxes, Depreciation and Amortization) totaled AED 26 billion ($7.08 billion), resulting in an EBITDA margin of 50 percent.

“Etisalat Group achieved positive performance in 2017 despite the rapid developments in the telecom sector as a result of the transition to the digital era and the unprecedented changes in the macroeconomic and geopolitical areas in our footprint,” Eissa Al-Suwaidi said. “As an industry leader, and as part of our natural progression, we are transitioning into a digital organization both internally and externally across our markets, albeit with different trajectories.”

Engineer Saleh Abdullah Al Abdooli, the group CEO of Etisalat Group, added that the company’s success in 2017 “has set the path for maintaining good performance while gearing the company, its customers and shareholders towards achieving successful digital transformation.”

“Our continued investments in next generation technologies, open innovation, and our entrepreneurship across all fields were the levers that allowed us to reach this far,” he added.

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