Local Business

Al Suwaidi named Etisalat chairman

Staff Report/Abu Dhabi
Filed on March 21, 2018
Al Suwaidi named Etisalat chairman

(Supplied photo)

Etisalat shareholders on Wednesday backed the board's recommendation to pay full-year 2017 dividend of 80 fils per share.

The annual general meeting also approved the board proposed buy-back programme of 5 per cent of the company's paid capital, representing 434.8 million shares, for the purpose of cancelling or reselling.

Eissa Al Suwaidi and Eissa Abdul Fattah Kazim have been appointed as chairman and vice-president of Etisalat Group, respectively. Hisham Abdullah Al Qassem, Mohammed Sultan Al Hamli, Saleh Abdullah Lootah and Mariam Saeed Ghobash were appointed as members of the board of directors. The seventh member will be announced soon.

The general assembly elected four board directors to fill the board seats unassigned for the government shareholder. The new members are Sheikh Ahmed Mohd Sultan bin Suroor Al Dhahiri, Abdelmonem bin Eisa bin Nasser Alserkal. Khalid Abdulwahid Hassan Alrustamani and Otaiba Khalaf Ahmed Khalaf Al Otaiba.

Etisalat Group net profit after Federal Royalty reached Dh8.4 billion, resulting in a net profit margin of 16 per cent. Furthermore, consolidated EBITDA totalled Dh26 billion for 2017, resulting in EBITDA margin of 50 per cent.

Eissa Al Suwaidi, chairman, Etisalat Group, said Etisalat Group achieved positive performance in 2017 despite the rapid developments in the telecom sector as a result of the transition to the digital era and the unprecedented changes in the macroeconomic and geopolitical arenas in our footprint.

"As an industry leader, and as part of our natural progression, we are transitioning into a digital organization both internally and externally across our markets, albeit with different trajectories. Etisalat Group has led the transformation in the region by proactively responding to technological developments, and by adopting to the latest innovations and industry trends."

Saleh Abdullah Al Abdooli, Group CEO, Etisalat Group, said: "Our journey in 2017 has set the path for maintaining good performance while gearing the company, its customers and shareholders towards achieving successful digital transformation. Our continued investments in next generation technologies, open innovation, and our entrepreneurship across all fields were the levers that allowed us to reach this far." - business@khaleejtimes.com


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