At Etisalat’s Annual General Meeting (AGM), shareholders have backed the board’s recommendation to pay full-year 2020 dividends of 80 fils per share, approved the cancellation of the share buyback program and instead agreed to a one-time special dividend of 40 fils per share, bringing the total dividend per share for 2020 to AED 1.20.
The AGM backed the board’s recommendation to increase the non-UAE nationals share ownership limit to 49 percent.
The AGM also elected four board members to fill the seats of Etisalat Group’s Board of Directors that are not reserved for the Government Shareholder. The elected members are: Sheikh Ahmed Mohamed Sultan Al Dhahiri, Abdelmonem Bin Eisa Alserkal, Khalid Abdulwahid Hassan Alrustamani, and Otaiba Khalaf Ahmed Al Otaiba.
Etisalat Group also announced that the Emirates Investment Authority, as the government shareholder in the company, has appointed its representatives in the Etisalat board as the following: Jassem Mohamed Alzaabi (Chairman), Essa Abdulfattah Kazim Al Mulla, Hesham Abdulla Qassim Al Qassim, Mariam Saeed Ahmed Ghobash, Saleh Abdulla Ahmed Al Abdooli, Mansoor Ibrahim Ahmed Almansoori, and Michel Combes.
The new board of directors will begin their duties with the start of the new term of the board scheduled to begin on 21st March, 2021.
Obaid Humaid Al Tayer, Chairman of Etisalat Group, said,
"I am pleased to announce that our shareholders approved the recommendation of the Board of Directors to proceed with a record high full year dividend payout. Another historical milestone was the approval of 49 percent ownership limit of non-UAE nationals that will help diversify the investor base and add further value to our current shareholders as well as bring liquidity and depth in Etisalat’s financial capabilities."
He added that Etisalat continued its focus on enhancing the core business and exploring new growth opportunities, while being well geared for the future with its digital capabilities and solutions.
In turn, Hatem Dowidar, CEO of Etisalat Group, commented,
"In 2020 we have delivered robust financial performance with consolidated revenues reaching AED51.7 billion, while consolidated net profit after federal royalty amounted to AED9.0 billion, an increase of 3.8 percent compared to the previous year.
Despite the challenges, a strong execution, an agile and resilient business model led to EBITDA reaching AED26.4 billion with a growth rate of 0.3 percent and a margin of 51.1 percent."
He stated that they advanced their efforts to digitally transform their business both internally and externally, which led to increasing Etisalat's subscriber base by 3.6 percent reaching a total of 154 million subscribers.
"This growth is central to our belief that the network and infrastructure has played a key role in empowering millions of customers during the pandemic," Dowaidar noted.
News Source: https://www.wam.ae/en/details/1395302919376
