Etisalat AGM approves dividend for 2016
ABU DHABI, 19 days ago
Shareholders of Etisalat, the UAE's leading telecom company, today backed the board’s recommendation to pay full 2016 dividends of 80 fils per share during the annual general meeting held at the company’s headquarters in Abu Dhabi.
“The telecommunication industry never stands still and neither does Etisalat Group. We have witnessed unprecedented change in the 40 years since our journey began. All services we enjoy today were only ideas in the making back in 1976, transitioning from simple wired voice and internet access services, into rich fixed offerings and total mobility solutions, a shift into ubiquitous connectivity that was aggravated by the proliferation of smart devices, a revolution that has commoditized connectivity and moved our industry into a new era," said Etisalat chairman Eissa Mohamed Al-Suwaidi.
Key financial and development highlights for 2016 included:
• Aggregate subscriber base reached 162 million;
• Consolidated revenues amounted to Dh52.4 billion, an increased of 2 per cent year over year;
• Consolidated EBITDA totalled Dh26.3 billion, resulting in EBITDA margin of 50 per cent;
• Consolidated net profit after Federal Royalty amounted to Dh8.4 billion resulting in a net profit margin of 16 per cent, an increase of 2per cent year over year;
• Final dividend payout of 40 fils per share for 2016, representing a total dividend payout of 80 fils for the full year;
• Credit Ratings by agencies S & P Global and Moodys affirmed Etisalat Group’s high credit rating at AA-/Aa3;
• The UAE ranked number one globally for the highest fibre network connectivity, with household penetration of 93.7 per cent;
• Acquisition of the 4G Services licence in Egypt, 3G in Togo, and universal license in Ivory Coast;
• Etisalat Group completed the sale of its shareholding in Canar Telecom in Sudan, as part of portfolio optimization;
• Launched a new Business Unit – Etisalat Digital that oversees the group digital transformation agenda;
• Etisalat was the first in the region to conduct live 5G trials, and to launch a live and operational Telco Cloud infrastructure as part of its virtualization plans;
• Announced as Premier Partner for telecommunication and digital services for Dubai Expo 2020;
• Delivered integrated Smart City project Dubai Parks & Resorts, which opened in 2016;
• Etisalat launched commercially VoLTE service; featuring high definition voice and video browsing;
• Etisalat expanded its mobile commerce capability with the launch of its new ‘Etisalat Wallet’ service in the UAE;
“Throughout our journey, we have accomplished a renowned record of technological firsts; the same were only collateral to our sincere efforts to harness the power of technology in order to bring the best possible and the latest available to our customers. Only recently, we were one of the first few telecom operators in the world to conduct live 5G trials, driven mainly by our plans to enable the society of tomorrow that revolves around the Internet of Things," said Al-Suwaidi.
“We are fully vigilant of the rapid changes in our industry and we are adamant to stay at the forefront by embracing the inevitable change; we are facing a digital shift that dictates the development of digital services and their associated ecosystems. A massive opportunity for telecom operators that brings new challenges but great benefit, digitization is the new universal game; it is the future that will bring larger value to our customers and shareholders.
“As we look ahead, we see continued success for Etisalat Group, we will always assure a healthy portfolio that brings synergy to the group and value to the shareholders, we will capitalize on our great talent and distinguished assets to generate returns and deliver high quality products and services. Our focus is on the digital transformation, and we will steer all efforts towards enabling, delivering, and leading it," he said. -TradeArabia News Service