At Etisalat’s Annual General Meeting (AGM), held at the company’s headquarters in Abu Dhabi, shareholders have backed the board’s recommendation to pay full-year 2019 dividends of 80 fils per share.
Etisalat Group consolidated revenues reached AED 52.2 billion while consolidated net profit after Federal Royalty reached AED 8.7 billion an increase of 1% compared to the same period last year.
H.E. Obaid Humaid Al Tayer, Chairman, Etisalat Group said, “As we begin our journey into the next decade, 2019 was a testimony to Etisalat Group leadership locally and internationally. Etisalat continued reinforcing its core business, explore new growth opportunities, while transitioning to the digital era and being well geared for the future.
He added, “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.
“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 AED 0.8 representing a dividend yield of 5% and dividends payout ratio of 80%.
“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.
“This was only possible due to a decade of continuous support and vision of the UAE leadership, the loyalty of our customers and the trust of our shareholders. A special thanks to Etisalat management team for their commitment and dedicated work towards the realization of Etisalat’s vision and strategic goals.”
Eng. Saleh Abdullah Al Abdooli, GCEO, Etisalat Group 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.
“With the acquisition of Tigo Chad, Etisalat Group is now operating in 16 markets while enriching the lives of over 149 million subscribers. Investing for growth, sustaining a superior infrastructure, possessing differentiated assets, platforms and capabilities were integral to building a network for a better future across our markets. Etisalat today is recognized as the most valuable consumer and telecom brand in the MEA region for the third and fourth consecutive year respectively, an illustration of our long-standing efforts and testament to building a successful telecom brand in the region”.
He underlined, “In 2019, Etisalat Group has delivered a balanced performance across its different aspects, along with solid financial results despite the challenging economical scene at global and regional scales.. Company consolidated revenues stood at AED 52.2 billion, while consolidated net profits growth to AED 8.7 billion. We managed to confine the negative impact of various challenges with successful initiatives that aimed at maximizing synergy at group level, enhancing efficiency, and rationalizing costs.
He added, “5G is a game changer with Etisalat taking the lead in the launch of the network which will amplify the use of futuristic services, target new opportunities and implement 5G use cases across verticals. This has also set the roadmap for services based on emerging technologies such as IoT, cloud, big data, AI, robotics, autonomous, AR/VR, becoming a trusted partner that supports transformation in a digitally disrupted and fully connected world. Our continuous investments in the network also led Etisalat to be recognized as MENA’s fastest mobile network and GCC, Africa, Arabian region’s fastest fixed broadband network”.
“While we continue to deploy innovative 5G networks, Etisalat has also set global benchmarks in Fiber to the Home (FTTH) by maintaining the UAE’s position as a global leader for the third consecutive year.
“At the end, I am confident that Etisalat Group will deliver the ambitions and aspirations of our customers and continue to support the communities we serve and add value to the markets where we operate. We are thankful to the wise leadership of the UAE and our shareholders for their steady support in this journey, our customers for their continued confidence and trust.”