Emirates News Now – Etisalat’s general assembly approves distributing 1.20 dirhams per share as dividends for shareholders for 2020

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Emirates News Emirates News Now – The General Assembly of “Etisalat” approves the distribution of 1.20 dirhams per share as dividends to shareholders for 2020 Source of News – Emirates News -24.ae With the details of the news General of “Etisalat” adopts the distribution of 1.20 dirhams per share as dividends to shareholders for 2020:

Emirates News Today – The General Assembly of “Etisalat Group”, during its annual meeting, approved the group’s board of directors’s proposal to distribute a total dividend of 80 fils for the full fiscal year 2020, and also approved the cancellation of the company’s share purchase program. Instead, it approved The association is to distribute additional profits of 40 fils, to be distributed once, bringing the total profits distributed per share for the full year of 2020 to 1.20 dirhams.

Jassim Mohammed Al Zaabi appointed Chairman of the Group’s Board of Directors

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.

According to a press statement obtained by 24 copies of it today, Thursday, the General Assembly also elected four members to the Board of Directors to occupy the four seats not allocated to the government shareholder, as each of the following were elected: Sheikh Ahmed Muhammad Sultan bin Surur Al Dhaheri, and Abdel Moneim bin Issa bin Nasser Al Serkal, And Khaled Abdul Wahid Hassan Al Rostamani, and Otaiba Khalaf Ahmed Khalaf Al Otaiba.

Etisalat Group also announced that the Emirates Investment Authority, as the government shareholder in the company, has appointed its representatives on the board of directors of the Etisalat Group as follows: 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 begin on March 21.

Obaid Humaid Al Tayer, Chairman of the Board of Directors of Etisalat Group, said: “I am pleased to announce today the approval of the General Assembly on the Board of Directors’s proposal to distribute record dividends for the full year 2020, in addition to the approval of raising the ceiling for the ownership of shareholders in the group who are not citizens of the rational Emirates. 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’s financial capabilities. “

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 flexibility of communications across its various operations, as the company demonstrated high capabilities in rapid adaptation. With the current market conditions, 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, and Etisalat’s insistence on continuing to work on building a strong, resilient and transformative business model has contributed to Enabling us to meet customer requirements during the blocking period, while preserving our ability to create added value for shareholders. “

Obaid Humaid Al Tayer added: “I would like to express my thanks and gratitude to the leadership of the United Arab Emirates for their constant support to the telecommunications sector, to our customers for their loyalty, and to our shareholders for their continued trust, and thanks are also extended to the management team for their tireless efforts and commitment to work to achieve the vision and goals of Etisalat. The strategy”.

On his part, Eng. Hatem Dewedar, CEO of Etisalat Group, said: “In 2020, Etisalat managed to achieve strong financial performance, as its consolidated revenues reached 51.7 billion dirhams, while its consolidated net profits after deducting the federal franchise reached 9.0 billion. Dirhams, an increase of 3.8% compared to the same period last year, and despite the challenges posed by the pandemic, strong performance and a flexible business model contributed to the arrival of consolidated EBITDA to AED 26.4 billion, with an annual increase of AED 26.4 billion. 0.3%, resulting in a EBITDA margin of 51.1%.


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