Agreed to raise the ceiling for share ownership for non-citizens to 49%
Etisalat General Authority approves dividend distribution to shareholders of 1.20 dirhams per share for 2020
«Etisalat»: The subscriber base increased by 3.6%, bringing the total to 154 million.
From the source
Jassim Al Zaabi.
From the source
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Etisalat Group’s general assembly approved, during its annual meeting, the group’s board of directors ’proposal to distribute total dividends to shareholders by 80 fils for the full fiscal year 2020, and also approved the cancellation of the company's share purchase program. Instead, the assembly agreed to distribute An additional profit of 40 fils is distributed one time, bringing the total dividend per share for the full year of 2020 to 1.20 dirhams.
The board of directors ’recommendations were also approved to increase the ownership ceiling for non-UAE national shareholders in" Etisalat Group ", to reach 49% of the company's capital.
The "group" confirmed in a statement yesterday that the General Assembly also elected four members to the Board of Directors to fill the four seats not allocated to the government shareholder, as each of the following were elected:
Sheikh Ahmed Muhammad Sultan bin Surur Al Dhahiri, Abdul Moneim bin Isa bin Nasser Al Serkal, Khaled Abdul Wahid Hassan Al Rostamani, and Otaiba Khalaf Ahmed Khalaf Al Otaiba.
Government shareholder
Etisalat Group also announced that the Emirates Investment Authority, in its capacity as the government shareholder in the company, has appointed its representatives to the board of directors of the Etisalat Group, namely: Jassim Muhammad Al Zaabi as Chairman, Issa Abdul Fattah Kazim, Hisham Abdullah Qasim Al Qasim, Maryam Saeed Ahmed Ghobash, and Saleh Abdullah Ahmed Al-Abdouli, Mansour Ibrahim Ahmed Al-Mansouri, and Michael Coombs.
The new board of directors will begin its duties with the start of the new session of the board of directors, which is scheduled to start on March 21.
Obaid Humaid Al Tayer, Chairman of the Board of Directors of Etisalat Group, said: “I am pleased to announce the approval of the General Assembly on the Board of Directors’ proposal (Etisalat Group) to distribute record dividends for the whole year 2020, in addition to the approval to raise the ceiling of shareholder ownership in (Etisalat Group) from Non-UAE nationals to reach 49% of the company's capital, which would contribute to diversifying the investor base, enhancing the added value of our shareholders, providing liquidity and enhancing (Etisalat) financial capabilities. ”
Thoughtful investments
He added: “Thanks to its studied investments, Etisalat has been able to achieve its vision, despite the current economic challenges that the world is witnessing, as the unprecedented circumstances imposed by the (Covid-19) pandemic required (Etisalat) flexibility across its various operations. High capabilities in rapid adaptation to the current market conditions ».
He continued: “Today, the company continues to focus on strengthening its main operations and seizing new growth opportunities, while demonstrating its readiness and readiness for the future, relying on pioneering and innovative digital solutions and capabilities.
Etisalat's insistence on continuing to work on building a strong, flexible and transformative business model has enabled us to meet customer requirements during the lockdown period, while preserving our ability to create added value for shareholders. ”
Al Tayer said: “I would like to express my thanks and gratitude to the leadership of the UAE for its constant support to the telecommunications sector, to our customers for their loyalty, and our shareholders for their continued trust, and thanks also to the management team for their tireless efforts and commitment to work to achieve the strategic vision and goals of (Etisalat).”
Strong performance
For his part, the CEO of Etisalat Group, Eng. Hatem Dewidar, said: “Etisalat was able in 2020 to achieve strong financial performance, as its consolidated revenues reached 51.7 billion dirhams, while its consolidated net profits reached, after deducting the right The federal concession amounted to nine billion dirhams, an increase of 3.8%, compared to the same period last year.
Despite the challenges posed by the pandemic, the strong performance and flexible business model contributed to the EBITDA reaching AED 26.4 billion, with an annual increase of 0.3%, resulting in a EBITDA margin that reached AED 26.4 billion. To 51.1% ».
He added: “Etisalat has succeeded, during the difficult circumstances that the world has gone through, to digitally transform its business model internally at the company level and externally to all its customers, which contributed to an increase in its subscriber base by 3.6%, bringing the total number of subscribers to 154 million.
This increase is mainly due to the company's advanced infrastructure and network, which played a pivotal role in enabling millions of customers from individuals, companies and important sectors to enjoy pioneering, innovative and high-quality digital services, in a continuous, sustainable and uninterrupted manner.
Today, due to the new situations in which communications and digital technologies have become an essential component of our daily life, the telecommunications sector has become one of the most important guarantees that the world will not stop working and producing.
Innovations in the field of communications and digital technologies have contributed an important role in changing the fabric of life, and have become a necessity and a human right in a digitally connected world.
Dewidar emphasized that «the year 2020 was a special year for (Etisalat), during which it succeeded in achieving many achievements, both in terms of digital transformation, or in terms of speed in providing pioneering and innovative services, and in a way that enhanced its performance and readiness for the future.
"We have achieved important results, despite the global economic challenges posed by the (Covid-19) pandemic in the various markets in which we are located."
Ambitions and aspirations of dealers
The CEO of Etisalat Group, Eng. Hatem Dewidar, said: “Thanks to the spirit of cooperation and the insistence on excellence and leadership, Etisalat has succeeded in achieving the aspirations and aspirations of its customers across the various societies in which it is located.
On this occasion, I would like to express my thanks and appreciation to the leadership of the UAE for their constant support to the telecommunications sector, our customers and shareholders for their confidence and support for us to continue our journey on the path of innovation, and our employees for their dedication to the performance of their work and tasks.
Al
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Zaabi as chairman of the board of directors, and the new session starts on January 21.
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