Etisalat AGM Approves Full-Year 2017 Dividends Of 80 Fils Per Share

The AGM also approved the board proposed Buy-back program of 5% of the company’s paid capital

At Etisalat’s annual general meeting, held at the company’s headquarters in Abu Dhabi, shareholders have backed the board’s recommendation to pay full-year 2017 dividends of 80 fils per share. The AGM also approved the board proposed Buy-back program of 5% of the company’s paid capital, representing 434.8 million shares, for the purpose of cancelling or reselling.

H.E. Eissa Al-Suwaidi and H.E. Eissa Abdul Fattah Kazim are appointed as Chairman and Vice President of Etisalat Group respectively. H.E. Hisham Abdullah Al Qassem, H.E. Mohammed Sultan Al Hamli, H.E. Saleh Abdullah Lootah and H.E. Mariam Saeed Ghobash were appointed as members of the Board of Directors. The seventh member will be announced soon.

The General Assembly of Etisalat elected four Board Directors to fill the Board seats un-assigned for the Government Shareholder The new members are: H.E. Sheikh Ahmed Mohd Sultan Bin Suroor Al Dhahiri, H.E. Abdelmonem Bin Eisa Bin Nasser Alserkal. H.E. Khalid Abdulwahid Hassan Alrustamani, H.E. Otaiba Khalaf Ahmed Khalaf Al Otaiba.

Etisalat Group net profit after Federal Royalty reached AED 8.4 billion, resulting in a net profit margin of 16%. Furthermore, consolidated EBITDA totaled AED 26 billion for 2017, resulting in EBITDA margin of 50%.

Statement of: Eissa Al-Suwaidi, Chairman, Etisalat Group

“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 arenas in our footprint.

“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. Etisalat Group has led the transformation in the region by proactively responding to technological developments, and by adopting to the latest innovations and industry trends.”

Al-Suwaidi highlighted: “Under our new powerful digitally inspired vision, our operating companies will be working jointly to realize such a digital ambition that will maximize growth opportunities moving forward. Etisalat Group’s vision captures its winning, transformative position as it will help re-shape the lives of consumers, accelerate the economic growth of businesses, and enhance the competitiveness of the markets where it operates.

“Today, by developing one of the best infrastructures in the world, Etisalat has supported in building a diversified and sustainable economy and will continue to be driven by UAE’s vision that aims at making the country among the best in the world by the Golden Jubilee of the union. We are honored that Etisalat was able to contribute in realizing the aspirations of UAE’s leadership when it comes to being at the forefront of the digital development in the region.

“For more than four decades, Etisalat has been able to meet the needs and expectations of millions of our customers across its footprint. Enhancing customer experience remains at the core of our strategy enabling us to launch innovative services and solutions making a positive impact on their daily lives.”

He added: “In 2017, Etisalat Group continued to achieve strong positive results with consolidated net profit after Federal Royalty amounted to AED 8.4 billion resulting in a net profit margin of 16%. While Aggregate subscriber base reached 142 million, 12.6 million of which are in the UAE representing YOY increase of 3%. Etisalat Group also continued to maintain its high credit rating.

“Etisalat Group continues to be a partner to the communities in countries it operates in by being committed to improving their lives with continuous contributions to local, regional and international development and humanitarian initiatives. In 2017, and under the ‘Year of Giving’, Etisalat was active throughout the year with activities that gave back to various sectors of the society.

“Today technology has a major impact on the daily lives of people with our efforts focused on creating unique capabilities and improving competitive advantage through the interaction of technology and people. Etisalat worked on initiatives to target specific segments of the society. Maroc Telecom is an example of ICT integration in teaching and learning working alongside with the government implemented ICT initiatives across schools in Morocco. Our long-standing commitment to supporting good health was visible across our footprint such as Etisalat Misr’s participation with World Health Organisation to provide free treatment to thousands of Hepatitis C patients,” explained Al-Suwaidi.

“Etisalat will continue to contribute to the country's progress and prosperity, both through the group’s positive performance, advanced infrastructure, and contribution to national agenda, and by being a socially responsible corporate citizen who demonstrates the country values.

“Our geographic footprint today presents substantial opportunities and at the same time some challenges. Etisalat has always seen beyond the obstacles and acted diligently to protect the long-term interests of its shareholders and will continue its efforts to maintain a healthy business portfolio.

He added: “Today, we look at the future with confidence and optimism and are determined to build on solid ground to continue innovation and focus on driving digital transformation to take advantage of future opportunities that will enable us to add value to our shareholders and customers.

“I would like to thank the leadership of the UAE for their continued support to Etisalat Group and like to express my sincere appreciation to our customers for their unwavering confidence and our shareholders for their continued support and special thanks to Etisalat management team for their commitment and dedicated work that will drive us to move forward and continue our progress and success. ”

 

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