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The board of directors of the UAE telecoms group e& has proposed a new dividend policy where it pays a "progressive" dividend per share (DPS) as well as commit to maintain a minimum dividend per share (DPS) of 0.80 dirhams ($0.2) through 2026.
Formerly called Etisalat, e&, the company plans to pay an incremental 0.03 dirhams, or 3 fils, per share every year for the fiscal years 2024, 2025 and 2026. Thus, it expects to pay DPS of AED 0.83 for 2024, AED0.86 for 2025 and AED0.89 for 2026.
"Furthermore, the company will commit to maintain a minimum DPS of 80 fils (AED 0.80) for the tenor of this policy i.e. 2024 to 2026," it said in a regulatory filing on Adbu Dhabi's ADX bourse on Wednesday.
The new policy is subject to approval by shareholders at a meeting next month.
Last month the UAE telecom group posted a 3% increase in full-year 2023 net profit to AED10.3 billion.
(Writing by Brinda Darasha; editing by Daniel Luiz)
