UAE- du proposes annual dividend payment of AED0.43 for FY 2015

3/1/2016 2:09:00 AM

(MENAFN- Emirates News Agency (WAM))

DUBAI 1st March 2016 (WAM) -- Emirates Integrated Telecommunications Company du today published its financial results for 2015 and proposed a total annual dividend payment of AED0.43 per share. The company paid an annual dividend of AED 0.32 per share in 2014.

Ahmad Bin Byat Chairman of du said "I am honoured to report another year of growth for our company and extremely proud to have maintained our positive track record in at times challenging conditions.

"In line with our strategic objectives 2015 saw us enter a phase of transformation in which we examined our business model against the industry's shift towards digital delivery. In doing so we have been able to hone our strategy to ensure sustainability and maximise value for both our customers and shareholders.

"Looking ahead we remain committed to many of the UAE government's initiatives aimed at enhancing the lives of UAE citizens and the development of a digitally-enabled ecosystem. The UAE's 'Smart Government' and Dubai's 'Smart City' initiatives are great examples of this."

"To reward our shareholders for their ongoing support we have proposed a total annual dividend of AED0.43 per share subject to approval at our Annual General Meeting"

Commenting on the results Osman Sultan du's Chief Executive Officer said "As we continue to transform our business for the digital age our focus on quality growth has remained steadfast.

"Data continues to drive our business. Customer demand for connectivity remained at healthy levels during the fourth quarter while our fixed and enterprise businesses showed great improvement. An increasingly competitive environment saw total revenue edge lower in the fourth quarter and a significant 30.1% rise in the amount of royalty paid to the government meant net profit after royalty declined on the year.

"In the coming months we plan to continue to transform our business to ensure longevity of value for all of our stakeholders through quality service high end products and digitally-focused initiatives."

WAM/Esraa/Moran

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