MANAMA: Shareholders of Zain Bahrain have approved cash dividend of BD2.183 million for 2019 at six fils per share (excluding treasury shares), or six per cent of the paid-up capital.
The announcement follows the annual general meeting yesterday which approved the consolidated audit financial statements for 2019.
Also approved was the transfer of BD2.559m as retained earnings.
An extraordinary meeting was also held to approve an amendment to Article 3 of the company’s memorandum of association and articles of association to add new business activities to the company’s commercial registration in relation to additional telecommunication activities, data processing and operation of websites, publication and sale and repair of communications equipment, security system activities and computer programming activities.
Zain Bahrain has reported net profit of BD1.454m for the three months ending December 2019, representing a 2pc decrease year-on-year (Y-o-Y).
Operating profit in Q4 2019 amounted to BD1.697m, up 16pc Y-o-Y, while earnings per share remained steady at four fils Y-o-Y.
For the 12 months ended December 2019, Zain Bahrain reported a net profit of BD5.269m representing a 2pc increase Y-o-Y.
Operating profit for the 12 months amounted to BD6.338m, up 24pc Y-o-Y, while earning per share stood at 14 fils.
At the balance sheet level, total equity at the end of 2019 stood at BD72.261m, up from BD70.213m in 2018 by 3pc.
The value of the company’s assets at the end of 2019 amounted to BD118.739m, up 25pc Y-o-Y.
Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said, “We live in a connected age. Everything is turning digital, from smart cities to the people who live within them, to the cars we drive and the machines that surround us. The Internet of Things (IoT) is constantly expanding as the digital economy – which is becoming the economy – continues to expand.
“Last year, we announced that we would evolve our LTE network to 5G in partnership with Ericsson. Our 5G network will provide our customers with high-speed data, extreme low latency, and ultra-high reliability. It will also offer energy efficiency and extreme device density – ideal for furthering the Kingdom’s IoT. We are also now offering our customers fibre optic broadband services for home, business and enterprise.
“Last year we also saw 94pc increase in our digital and self-care channels; this achievement is a continuation of Zain’s vision towards digital transformation.”
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