du holds its Annual General Meeting for the ninth consecutive year
Announces dividend of AED 0.32 per share for the year 2014
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 Board members in-line with the Company’s Articles of Association that every three years, a new Board be constituted. The new Board is comprised of the following representatives: Emirates Investment Authority appointed Mohamed Saif Al Suwaidi, Hana Al Rostamani and Saeed Al Yateem. Mubadala Development Company appointed Waleed Al Muhairi and Masood Mahmood and Emirates Integrated Telecommunications appointed Ahmad Bin Byat and Fadhel Al Ali. The Shareholders also 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.
“2014 proved to be a year of several landmark initiatives. We are proud to have launched a visionary programme that will lead to WiFi being rolled out in popular locations across the country, providing customers with seamless connectivity.
“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.
Posted by : GoDubai PR Dept, - Viewed 12151 times PR Category :Technology Posted on : Wednesday, March 18, 2015 11:17:00 AM UAE local time (GMT+4)
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