Announces dividend of AED 0.32 per share for the year 2014
DATE,
Dubai, UAE: Emirates Integrated Telecommunications Company (“du”) today
held its ninth Annual General Meeting
at its headquarters in Dubai where the proposed AED 0.20 per share for
the second half of 2014 bringing the total annual dividend payment
during 2014 to AED 0.32 was approved.
du Chairman Ahmad Bin Byat chaired the AGM
where he presented the Board of Directors’ report of the Company’s
activities and its financial position for the year 2014. The AGM
resulted in the appointment
of new Board Members and approved Board members remuneration for the
year 2014. Other items discussed included, discharging the members of
the Board of Directors and Auditors from liabilities relating to the
previous year, decision pertaining to distribution
of dividend and appointment of Price Waterhouse Coopers (PWC) as the
Auditors for the year 2015.
du
presented its shareholders with the results of robust fundamentals
achieved over the course of 2014. Among the highlights of the financial
performance, du’s total revenue in 2014
reached AED 12.2 billion, a 13.3% increase year on year. Fixed line
revenue increased by 31.3% year on year to AED 2.25 billion. Net profit
before royalty rose to AED 3.70 billion, a 22.8% increase year on year.
The
AGM also hosted the appointment and election of a number of new Board
members in-line with the Company’s Articles of Association that every
three years, a new Board be constituted.
Emirates Investment Authority have appointed Khaled Mohammed Balama,
Mohamed Saif Al Suwaidi, Hana Al Rostamani and Saeed Al Yateem. Mubadala
Development Company appointed Waleed Al Muhairi and Masood Mahmood and
Emirates International Telecommunications have
appointed Ahmad Bin Byat and Fadhel Al Ali.
The Shareholders have elected Zaid Kaledari and Abdullah Al Shamisy.
Ahmad Bin Byat, Chairman of du, said:
“Our robust and sustainable
business model continues to deliver excellent results and consistent
value creation for our shareholder and stakeholder. By focusing on
efficiency and fostering innovative techniques, policies,
services and mechanisms, since inception we have achieved strong growth
in both revenues and net profit and retained our position as one of the
leading telecommunications operators in the Middle East.
“I
would like to welcome Khaled Mohammed Balamma who will now join the
Board as a representative of Emirates Integrated Telecommunications
(EIT), I am sure that
his expertise and capabilities will play an important role in launching
new innovative ideas in our business.
“I
would like to thank outgoing Board members Abdul Hamid Saeed for his
commitment and dedication. He has been valuable members of the Board and
his contribution
to our success is truly appreciated.”
The
General Assembly’s approval of distributing 0.20 per share for the
second half of 2014 to all shareholders reflects the company’s strong
performance throughout
2014 and its commitment to develop a coherent strategy for the future
of the business, all creating sustainable value for shareholders.
All shareholders that are registered in the company sharebook as at Sunday 29th March 2015 will be entitled to receive the dividend.
Announces dividend of AED 0.32 per share for the year 2014
DATE,
Dubai, UAE: Emirates Integrated Telecommunications Company (“du”) today
held its ninth Annual General Meeting
at its headquarters in Dubai where the proposed AED 0.20 per share for
the second half of 2014 bringing the total annual dividend payment
during 2014 to AED 0.32 was approved.
du Chairman Ahmad Bin Byat chaired the AGM
where he presented the Board of Directors’ report of the Company’s
activities and its financial position for the year 2014. The AGM
resulted in the appointment
of new Board Members and approved Board members remuneration for the
year 2014. Other items discussed included, discharging the members of
the Board of Directors and Auditors from liabilities relating to the
previous year, decision pertaining to distribution
of dividend and appointment of Price Waterhouse Coopers (PWC) as the
Auditors for the year 2015.
du
presented its shareholders with the results of robust fundamentals
achieved over the course of 2014. Among the highlights of the financial
performance, du’s total revenue in 2014
reached AED 12.2 billion, a 13.3% increase year on year. Fixed line
revenue increased by 31.3% year on year to AED 2.25 billion. Net profit
before royalty rose to AED 3.70 billion, a 22.8% increase year on year.
The
AGM also hosted the appointment and election of a number of new Board
members in-line with the Company’s Articles of Association that every
three years, a new Board be constituted.
Emirates Investment Authority have appointed Khaled Mohammed Balama,
Mohamed Saif Al Suwaidi, Hana Al Rostamani and Saeed Al Yateem. Mubadala
Development Company appointed Waleed Al Muhairi and Masood Mahmood and
Emirates International Telecommunications have
appointed Ahmad Bin Byat and Fadhel Al Ali.
The Shareholders have elected Zaid Kaledari and Abdullah Al Shamisy.
Ahmad Bin Byat, Chairman of du, said:
“Our robust and sustainable
business model continues to deliver excellent results and consistent
value creation for our shareholder and stakeholder. By focusing on
efficiency and fostering innovative techniques, policies,
services and mechanisms, since inception we have achieved strong growth
in both revenues and net profit and retained our position as one of the
leading telecommunications operators in the Middle East.
“I
would like to welcome Khaled Mohammed Balamma who will now join the
Board as a representative of Emirates Integrated Telecommunications
(EIT), I am sure that
his expertise and capabilities will play an important role in launching
new innovative ideas in our business.
“I
would like to thank outgoing Board members Abdul Hamid Saeed for his
commitment and dedication. He has been valuable members of the Board and
his contribution
to our success is truly appreciated.”
The
General Assembly’s approval of distributing 0.20 per share for the
second half of 2014 to all shareholders reflects the company’s strong
performance throughout
2014 and its commitment to develop a coherent strategy for the future
of the business, all creating sustainable value for shareholders.
All shareholders that are registered in the company sharebook as at Sunday 29th March 2015 will be entitled to receive the dividend.
