Zain Bahrain approves cash dividend | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Bahrain approves cash dividend

TDT | Manama

The annual general meeting of Zain Bahrain, a leading telecommunications provider in the Kingdom, yesterday approved shareholders a cash dividend distribution equivalent to 6 per cent of the paid-up capital or 6 fils per share (Excluding treasury shares).

With this, total cash dividend distribution reached BD 2,183 million for the financial year ended 31 December 2019. The dividend will be distributed to eligible shareholders on 16 April 2020, the virtual Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) said yesterday.

All shareholders whose names are on the share register as on 2 April 2020 will be entitled to receive dividends. Among other decisions, the meeting approved consolidated audit financial statements for the year ended 31 December 2019, transferring BD 526,960 to statutory reserve, transferring BD 2,559 million as retained earnings for the following year and providing Board of Directors a remuneration of BD 223,612 for the financial year ended 31 December 2019.

Financial results

For the fourth quarter, Zain Bahrain reported a net profit of BD1.454 million, representing a 2 per cent decrease year-on-year. Quarterly operating profit was BD1.697 m, up 16pc Y-o-Y, earnings per share remained steady at 4 fils Y-o-Y.

For the 12 months ending 31 December 2019, Zain Bahrain reported a net profit of BD5.269 mn representing a 2pc increase year-on-year (Y-o-Y). Operating profit amounted to BD6.338 m, up 24pc Y-o-Y, earning per share stood at 14 fils.

Commenting, Zain Bahrain Chairman, Shaikh Ahmed bin Ali Al Khalifa, said, “Last year, we announced that we would evolve our LTE network to 5G in partnership with Ericsson. Our 5G network will provide our customers with high-speed data, extremely low latency, and ultra-high reliability.

It will also offer energy efficiency and extreme device density – ideal for furthering the Kingdom’s IoT. We also now offering our customers fibre-optic broadband services for home, business, and enterprise.

He added: “Last year we also saw an increase by 94pc in our digital and self-care channels; this achievement is a continuation of Zain’s vision towards being digital transformation.”