UAE's leading telecom services operator Etisalat Group has announced that its shareholders have approved the board's recommendation to pay cash dividends of 80 fils per share to the investors for full-year 2019.
The decision was taken at the Annual General Meeting (AGM), held at the company’s headquarters in Abu Dhabi.
The UAE telco giant's consolidated revenues surged to Dh52.2 billion ($14.2 billion) while consolidated net profit after Federal Royalty reached Dh8.7 billion ($2.36 billion), up 1% compared to the same period last year.
Announcing the cash dividends approval, Chairman Obaid Humaid Al Tayer said: "As we begin our journey into the next decade, 2019 was a testimony to Etisalat Group leadership locally and internationally. The company continued reinforcing its core business, exploring new growth opportunities, while transitioning to the digital era and being well geared for the future."
"Etisalat Group has led the digital transformation by proactively responding to technological advancements and bringing the latest global innovations to nurture creativity. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront leading it. Our current success is a result of understanding the need our customers have to rely on Etisalat to deliver," stated Al Tayer.
“Etisalat Group continued to achieve strong financial performance and maintained its high credit rating (AA-/Aa3) reflecting a proven long-term performance and efforts to provide value to shareholders, which was the drive behind proposing a final dividend of Dh0.8 representing a dividend yield of 5% and dividends payout ratio of 80%, said the top official.
"For more than four decades, Etisalat has been able to meet the needs and expectations of millions of customers across our 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.
GCEO Engineer Saleh Abdullah Al Abdooli said: "I am proud to announce another great year for Etisalat Group. Our results are driven by an ambitious vision, a focused strategy, and sheer determination."
"This also affirmed our technological leadership in a rapidly evolving ecosystem, and ensured value creation for our customers and shareholders," he added.