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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 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.
A copy of the Company's Corporate Governance Report and Financial Report for the fiscal year ending 31 December 2014 is available on the Dubai Financial Market website dfm.ae, as well as du website du.ae/about-us
About du
We opened for business in 2006. We offer mobile and fixed telephony, broadband connectivity and IPTV services to individuals, homes and businesses. We also provide carrier services for businesses and satellite up/downlink services for TV broadcasters. As a rapidly-growing enterprise, we have a team of experts working to enhance and expand our bouquet of service offerings. Our people come from over 60 countries - we mirror the rich cultural diversity of our nation, while being able to serve our customers in a variety of languages.
We remain committed to providing fulfilling opportunities for quality talent in a cosmopolitan working environment. By the end of Q4 2014, more than 7.5 million individual customers and over 80,000 businesses have chosen to use our services. In 2013 we were awarded the Dubai Chamber CSR Label for the second year in recognition of our continuing commitment to CSR best practice and the Small Energy Award - Golden Category at Emirates Energy Award for our LEED platinum-certified Fujairah retail shop. We were also awarded with the Premier Plan Best Business Service commsMEA awards in 2013 and the award Best Cloud Provider for Datamena at Telecom Review Industry Awards.
du is 39.5 percent owned by Emirates Investment Authority, 20.08 percent by Mubadala Development Company PJSC, 19.5 percent by Emirates Communications and Technology LLC and the remaining stake by public shareholders. du is listed on the Dubai Financial Market (DFM) and trades under the name 'du'.
Press Release 2015
