Emirates Integrated Telecommunications Unveils Dividend Plans
Emirates Integrated Telecommunications Company PJSC announces key agenda items for its upcoming General Meeting, including dividend distributions.
Summary
The Emirates Integrated Telecommunications Company PJSC is set to discuss its financial performance and approve a dividend payout at its upcoming General Meeting.
The Emirates Integrated Telecommunications Company PJSC (EITC), a significant player in the UAE's telecommunications sector, has announced its agenda for the upcoming General Meeting scheduled for March 17, 2025. This meeting is pivotal as it not only reviews the company's financial performance for the fiscal year ending December 31, 2024, but also seeks approval for a series of key resolutions.
Among the highlights of the agenda is the proposed dividend payout. The Board of Directors has recommended a total dividend of AED 0.54 per share for the fiscal year 2024, with AED 0.34 per share allocated for the second half of the year. This represents 54% of the nominal value of the share, reflecting the company's robust financial health and commitment to returning value to its shareholders.
The meeting will also focus on approving the company's financial statements, the Board of Directors' report, and the auditors' report for the fiscal year 2024. These approvals are crucial for maintaining transparency and ensuring stakeholder confidence in the company's operations.
Furthermore, the General Meeting will address the discharge of liabilities for both the Board of Directors and external auditors, alongside the approval of remuneration for the Board amounting to AED 12.69 million. The appointment of external auditors for the upcoming fiscal year with a fee of AED 2.2 million will also be on the table.
In addition to these financial deliberations, the meeting will consider a special resolution on voluntary contributions to the community, highlighting the company's commitment to corporate social responsibility.
Given the comprehensive nature of the agenda and the financial stability demonstrated by the proposed dividend, the outlook for EITC appears optimistic. The company's strategic focus on shareholder returns and sustainable growth positions it well in the competitive telecommunications landscape of the UAE.
For investors, the consistent dividend payout and the proactive governance measures suggest a positive trajectory for EITC. Therefore, considering the financial health and strategic direction of the company, the recommendation is to hold the stock, as it promises stable returns and potential growth in the future.
Source
Summary
The Board of Directors of Emirates Integrated Telecommunications Company P JSC invites its shareholders to attend the General Meeting on March 17, 2025, at the company's headquarters in Dubai and virtually. The agenda includes approving the Board of Directors' and Auditors' reports, discussing financial statements for 2024, approving a dividend distribution of AED 0.54 per share, discharging the Board and auditors from liabilities, approving Board remuneration of AED 12,690,000, appointing auditors for 2025, and considering community contributions. Shareholders can delegate proxies, with restrictions on representation. Virtual attendees must register to vote. A quorum of 50% share capital is required, and a second meeting is scheduled if not met. The special resolution requires a 75% majority. Financial documents are available on specified websites.
