10/04/2017 05:59 AST
Etisalat's shareholders on Sunday backed the board's recommendation to pay full 2016 dividends of 80 fils per share during the annual general meeting held at the company's headquarters in Abu Dhabi.
Company's net profit after Federal Royalty amounted to Dhs8.4 billion resulting in a net profit margin of 16 per cent and increased year over year by 2 per cent.
Consolidated revenues amounted to Dhs 52.4 billion and increased year over year by 2 per cent.
Eissa Mohamed Al Suwaidi, Chairman, Etisalat said:
"The telecommunication industry never stands still and neither does Etisalat Group. We have witnessed unprecedented change in the forty years since our journey began. All services we enjoy today were only ideas in the making back in 1976, transitioning from simple wired voice and internet access services, into rich fixed offerings and total mobility solutions, a shift into ubiquitous connectivity that was aggravated by the proliferation of smart devices, a revolution that has commoditized connectivity and moved our industry into a new era.
"Throughout our journey, we have accomplished a renowned record of technological firsts; the same were only collateral to our sincere efforts to harness the power of technology in order to bring the best possible and the latest available to our customers. Only recently, we were one of the first few telecom operators in the world to conduct live 5G trials, driven mainly by our plans to enable the society of tomorrow that revolves around the Internet of Things.
"We are fully vigilant of the rapid changes in our industry and we are adamant to stay at the forefront by embracing the inevitable change; we are facing a digital shift that dictates the development of digital services and their associated ecosystems.
A massive opportunity for telecom operators that brings new challenges but great benefit, digitization is the new universal game; it is the future that will bring larger value to our customers and shareholders.
"It is time to reflect on our activities in 2016, starting with our Group restructuring which has enabled us to review our operations and introduce effective improvements, including key steps towards our portfolio optimization and the expansion of licenses in selected countries. Moreover, and despite a global slowdown in economy, we have sustained our strong financial performance with Dhs52.4 billion consolidated revenues, Dhs 8.4 billion net profit after royalty, 50 percent EBITDA margin, and maintained our high credit rating. Meanwhile, Etisalat has been included in the international financial indexes attracting international funds. All of this will contribute positively towards asserting our position as a telecom leader.
"Etisalat plays an important role as one of the contributors to the national economy of the UAE, either directly through its solid financial performance and deployment of world class telecom infrastructure as key enabler for economic progress, or indirectly through its strong leadership position in the telecommunication and ICT sector; locally, regionally and internationally.
As an example, Etisalat's continued investment in fiber-to-the-home has supported the UAE to remain a global leader in fiber optic connectivity. Moreover, Etisalat is fully aligned with the government ambitious agendas and is determined to sustain its position as the government-trusted associate, we are the Expo 2020 telecommunication and digital services premier partner, and will deliver far and beyond to support the UAE in realizing its 2021 vision.
Eng Saleh Al Abdoli, GCEO, Etisalat, said "2016 was another year to remember in Etisalat history, as we celebrated our 40th anniversary, we have taken bold steps to assure our group stays ahead at the edge of tomorrow. Evidently, our industry is shifting into a new era, we are witnessing a digital revolution that will transform the w
The Gulf Today
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