Batelco AGM approves BD49.8m cash dividends

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Batelco shareholders yesterday approved a recommendation to pay a full-year cash dividend of BD49.8 Milion (US$132.1m), at a value of 30.0 fils per share.

A total of 13.5 fils per share was paid during the third quarter of 2020. The remaining 16.5 fils are up for payment in the coming weeks.

The announcement came as Batelco held its Annual General Meeting (AGM) for the twelve-months ended 31 December 2020, followed by an Extraordinary General Meeting at its Hamala Headquarters virtually. Batelco Chairman, Batelco CEO, and Batelco CFO were in attendance.

Jamal Fakhro, Managing Director of KPMG Fakhro, attended the meeting as Batelco’s external auditor, while representatives from Bahrain Bourse joined virtually.

Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “We were delighted to announce strong financial performance for Batelco during 2020, which in turn contributed to good dividends for shareholders.”

“Batelco swiftly adapted to the unprecedented circumstances of 2020 to achieve the strategic objectives of the core strategy, which include a focus on cost containment, resulting in a 10% YoY decrease in operating costs, and contributing to a 10% increase in net profits over 2019.

Operating Profits and EBITDA have also witnessed an increase of 7% and 9% respectively, year on year.”

“We were delighted to see that Batelco’s share price reached its highest level since 2011 during 2020, outperforming the Bahrain Bourse index by 55% and remains strong, reflecting the Company’s solid performance as well as the trust of investors in Batelco.” Batelco CEO Mikkel Vinter said, “We maintained our investment in forefront technology, digital services and connectivity and are pleased with the progress made.

We achieved key milestones such as being the first in Bahrain with national 5G coverage reaching 95% of the nation’s population.

Another milestone was the launch of the largest certified enterprise Data Center in Bahrain, with both achievements contributing to the growth of the Kingdom’s digital economy.” “Going forward, we will stay focused on our vision and strategic plans and deliver on our commitment to the Board, in line with shareholders’ expectations,” he added.