UAE's largest telecommunications company Etisalat said it has won approval from its shareholders to distribute full 2013 dividends of 70 fils per share.

The annoucement was made during the annual general meeting held at the company’s headquarters in Abu Dhabi after its shareholders backed the board’s recommendation.

The board proposed the dividend share after the release of the 2013 annual results, as a reflection of the strong results achieved during the fiscal year ended 31 December.  The growth of net subscribers grew from nine million to 148 million by end of December 2013.

The UAE telco giant had achieved an increase in the net profit after Federal Royalty that reached Dh7.1 billion.

The group’s operating profit before Federal Royalty also increased by 23 per cent year-on-year to Dh14.5 billion, while the Group’s Consolidated ebitda for 2013 grew to Dh18.9 billion, representing a year-on-year growth of 12 per cent.

On the results, Etisalat chairman Eissa al-Suwaidi said: “We are proud of the progress that we have made in 2013. Etisalat’s full-year consolidated revenues grew to Dh38.9 billion; representing an 18 per cent increase from 2012.  Additionally, the full year revenue from international operations increased by 47 per cent year-on-year to Dh13.8 billion, representing 36 per cent of consolidated revenues."

Etisalat, he stated, was keen to ensure that its shareholders benefit from its achievements. "Therefore, Etisalat’s board, backed by the General assembly, decided to reward the shareholders with 70 fils per share, relying on the financial result’s net profit of 2013," he added.

On its 2014 strategy, Al Suwaidi said: "Etisalat will also continue its approach of assessing and seizing valuable acquisition opportunities that reinforce its overall strategy which allows it to expand internationally, as well as add value to its stakeholders and customers by providing them with distinctive opportunities. This will contribute in diversifying income, benefits and resources, reflecting positively on the shareholders’ revenues."
 
According to him, Etisalat is in a strong position to embrace the changes and challenges that are enveloping the telecoms industry and have enabled it to continue to add value to customers, shareholders and the communities in which we operate.

"We will continue to focus on providing a unique experience and superior service in the future. By putting customers at the heart of everything we do, we are enhancing our current success and planting the seeds of future growth," he added.

The chairman said Etisalat’s growth to become one of the industry’s largest companies brings new opportunities. "As we think about what the future holds for Etisalat and our investors, we know that our continued growth will be driven by our ability to innovate and by our aptitude for identifying new investment opportunities," he stated.

Group CEO Ahmad Abdulkarim Julfar said, “We have maintained positive momentum within our financial results and we have continued to invest in both the scale and service provision of the group.”

"Our key focus in 2014 and beyond is to ‘Aspire Forward’ in a way that enhances the leading position of the UAE among international governments. Etisalat is now the enabler of many innovative e-services, most noticeably in government," he stated.

“Etisalat witnessed during this year a strong growth in the data and Internet segments, and revenues will continue to grow as we benefit from our investment in infrastructure, including the establishment of the world’s most extensive Fiber-To-The-Home (FTTH) network.-TradeArabia News Service