Batelco Group AGM Approves BD45.7M Cash Dividend

Amman, Jordan (April 2019): Batelco Group (Ticker: BATELCO), the international Telecommunications Group with operations across 14 countries
By: TRACCS jordan
 
 
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AMMAN, Jordan - April 2, 2019 - PRLog -- today held its Annual General Meeting (AGM) for the twelve-months ended 31 December 2018 ("the year") at its Hamala headquarters, in the presence of Shareholders, Company Directors, Batelco management and members of the media.

The Group's 39th AGM saw shareholders approve the recommendation of the Board of Directors for a full year cash dividend of BD45.7M (US$121.2M), at a value of 27.5 fils per share, of which 10 fils per share was already paid during the third quarter of 2018 with the remaining 17.5 fils to be paid in the coming weeks.

Speaking on the occasion, Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: "Batelco is committed to delivering greater returns for its shareholders with its efforts leading to improved dividends."

"We were delighted to announce 7% year over year growth to reach our highest revenues since Batelco's inception of BD405.9M (US$1,076.7) with the revenues positively bolstered by continued strong performance at Batelco Bahrain. EBITDA for 2018 increased by 15% over 2017 to reach BD142.8M (US$378.8M) with EDITDA margin of 35%."

"We have a strong platform in place to build on in order to sustain long-term success for the Group and continue to deliver strong value for our shareholders," Shaikh Abdulla said.

Batelco Group CEO Ihab Hinnawi said that 2018 was a turnaround year for the Batelco Group supported by the ongoing rollout of the Group's transformation strategy and key investments in targeted services, leading to a significant increase in shareholder return.

"We are very pleased to note that diversifying our revenues has paid back, with particular positive impact achieved by the acceleration of fibre implementation and data penetration. Our efforts resulted in significant improvement for Fixed Broadband, Datacom services and for digital services across our markets of operation."
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