26/03/2015 07:45 AST
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 2014 dividends of 70s fils per share and also approved a 10% bonus share. After the release of the Group’s 2014 annual results, the board proposed the dividend share, which is a reflection of the strong results achieved during the fiscal year ended on 31 December.
Etisalat’s net profit increase after Federal Royalty reached AED 8.9 billion. This also represents a year-on-year increase of 26%. Furthermore, Etisalat’s consolidated EBITDA for 2014 totaled AED 23.4 billion, resulting in an EBITDA margin of 48%.
Etisalat Chairman Eissa Al-Suwaidi said “2014 was an auspicious year for Etisalat. This is a landmark moment in our history and a considerable achievement towards our objective of being recognized as the leading operator in emerging markets. On behalf of our board members, I would like to express our gratitude to the UAE’s visionary leadership for their continued support, our shareholders for their faith in us, our employees for their skill and dedication, and the millions of subscribers worldwide who remain loyal to our services.”
Al-Suwaidi said “we are proud of the achievements we’ve made in 2014. Etisalat’s full-year consolidated revenues grew to AED 48.8 billion; representing a year-on-year increase of 26%.”
He added “Etisalat is dedicated to ensuring that our shareholders benefit from the achievements we make. To this end, Etisalat’s board, backed by the General Assembly, decided for the third year in a row to reward the shareholders with 70 fils per share. In addition, the Board of Directors’ proposed issuance of 10% bonus share. I can assure you that these accomplishments stem from Etisalat’s unwavering determination to continue our relentless pursuit of innovation and success.
“As illustrated by our acquisition of Maroc Telecom, we will continue to seize opportunities that support our overall strategy of adding optimal value for our stakeholders and subscribers and the communities we serve. With the addition of new markets, we will continue to diversify our income, our resources and our worldview, and invest in local communities, which will reflect positively on Etisalat’s performance.”
Ahmad Julfar, Group Chief Executive Officer, Etisalat, said “with 2014’s growth, fueled by a major acquisition and partnerships with global industry leaders, Etisalat is in a strong position to embrace the changes and challenges emerging in the telecom industry. Our goal remains to provide a unique, exciting experience and the highest-quality services for subscribers. For the sake of customers and shareholders alike, we are not complacent with our current successes, but rather view them as the basis for future growth.”
“As always, we will continue to put the customers at the heart of everything we do. As we think about maximizing our growth and continuing to innovate at the highest level possible, we know that the key will be a sustained aptitude for identifying valuable investment opportunities in the markets that we serve.
“2014 was a milestone year for Etisalat. We have made considerable gains in establishing ourselves as the leading telecom operator in emerging markets. We have further established industry leadership in our home market, and further placing Etisalat as a leading global telecom corporation. Also, on behalf of Etisalat I would like to thank the UAE government for its unwavering support, which has greatly assisted our ability to succeed.”
He added “our acquisition of a 53% stake in Maroc Telecom established Etisalat as one of the premier telcos in West Africa. Maroc’s subsequent acquisition of Atlantique Telecom and its operating companies has expanded our geographical reach as never before.”
Moreover, Julfar said “we have further expanded our internat
Saudi Gazette
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