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US$0.49per Share Amounting to US$64.98mn During its
General Assembly
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Paltel Announces Cash Dividends Distribution of US$0.49per Share Amounting to US$64.98mn During its General Assembly
RAMALLAH, Palestine, April 6, 2010-- At the end of March, the Palestine Telecommunications Company,
Paltel convened its Ordinary General Assembly in Jericho, Palestine where
shareholders approved the Company's management and financial reports. It also
decided to distribute cash dividend to shareholders for the year 2009 in the
amount of US$0.49 per share amounting to US$64,977,080.
The Company's Chairman of the Board, Mr. Sabih Masri thanked
shareholders for their confidence and praised the executive management and
Company staff for their relentless efforts to preserve the Company's service
and financial leadership in a very strenuous economic and political
landscape. "We remain committed to our economic and social development roles
in Palestine while maintaining steady growth and rewarding our shareholders
with sustained profits", stated Mr. Masri in his address to the quorum. "We
will continue to improve efficiency and optimize operations focusing on our
core business and relying on outsourcing for non-core services. Our
operational indicators demonstrate more promise to enhancing our mobile
operation, increasing our fixed line subscriber base and forging ahead with
added attention to data and broadband communications. That is the future
direction of the industry, and our Group is positioned to sail confidently
into the new market horizons" added Mr. Masri.
According to 2009 financial statements, consolidated revenue
reached a total of US$444.41million, achieving a 5.36% growth compared with
2008. Paltel has achieved a 6.01% growth in its operating profits reaching
US$147.19 million compared with US$138.84million in 2008. The Company's net
profit reached US$99.21 million. The subscribers' base of the Company grew by
30% to reach 2,263,120 subscribers by the end of 2009 compared with 1,744,433
subscribers as of December 31, 2008. The number of mobile subscribers reached
1.80 million by end of 2009, whereas, fixed line subscribers reached 370,638
and ADSL subscribers reached 92,482 by the end of 2009.
The Board of Directors' recommendation to the General Assembly
to distribute a 35% of the shares par value (US$1.41) as cash dividend was
approved; committing the Company to distribution of US$64,977,080. The CEO of
Paltel Group, Mr. Ammar Aker stated, "The Company has once more responded to
demands by shareholders to distribute fair dividends. We are committed to our
shareholders, our customers and our employees where we hope to continue to
grow and improve our services focusing on core telecom services in an
increasingly competitive but promising environment."
Contact:
Ms. Neda Morrar
Tel: +970-2-294-4006
Mob: +970-599-579-355
neda.morrar@paltelgroup.ps
Source: Paltel Group
Contact: Ms. Neda Morrar, Tel: +970-2-294-4006, Mob: +970-599-579-355, neda.morrar@paltelgroup.ps
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Profile: Tech
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US$0.49per Share Amounting to US$64.98mn During its
General Assembly
MIME-Version: 1.0
Content-Type: multipart/mixed;
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Content-Transfer-Encoding: 7bit
Paltel Announces Cash Dividends Distribution of US$0.49per Share Amounting to US$64.98mn During its General Assembly
RAMALLAH, Palestine, April 6, 2010-- At the end of March, the Palestine Telecommunications Company,
Paltel convened its Ordinary General Assembly in Jericho, Palestine where
shareholders approved the Company's management and financial reports. It also
decided to distribute cash dividend to shareholders for the year 2009 in the
amount of US$0.49 per share amounting to US$64,977,080.
The Company's Chairman of the Board, Mr. Sabih Masri thanked
shareholders for their confidence and praised the executive management and
Company staff for their relentless efforts to preserve the Company's service
and financial leadership in a very strenuous economic and political
landscape. "We remain committed to our economic and social development roles
in Palestine while maintaining steady growth and rewarding our shareholders
with sustained profits", stated Mr. Masri in his address to the quorum. "We
will continue to improve efficiency and optimize operations focusing on our
core business and relying on outsourcing for non-core services. Our
operational indicators demonstrate more promise to enhancing our mobile
operation, increasing our fixed line subscriber base and forging ahead with
added attention to data and broadband communications. That is the future
direction of the industry, and our Group is positioned to sail confidently
into the new market horizons" added Mr. Masri.
According to 2009 financial statements, consolidated revenue
reached a total of US$444.41million, achieving a 5.36% growth compared with
2008. Paltel has achieved a 6.01% growth in its operating profits reaching
US$147.19 million compared with US$138.84million in 2008. The Company's net
profit reached US$99.21 million. The subscribers' base of the Company grew by
30% to reach 2,263,120 subscribers by the end of 2009 compared with 1,744,433
subscribers as of December 31, 2008. The number of mobile subscribers reached
1.80 million by end of 2009, whereas, fixed line subscribers reached 370,638
and ADSL subscribers reached 92,482 by the end of 2009.
The Board of Directors' recommendation to the General Assembly
to distribute a 35% of the shares par value (US$1.41) as cash dividend was
approved; committing the Company to distribution of US$64,977,080. The CEO of
Paltel Group, Mr. Ammar Aker stated, "The Company has once more responded to
demands by shareholders to distribute fair dividends. We are committed to our
shareholders, our customers and our employees where we hope to continue to
grow and improve our services focusing on core telecom services in an
increasingly competitive but promising environment."
Contact:
Ms. Neda Morrar
Tel: +970-2-294-4006
Mob: +970-599-579-355
neda.morrar@paltelgroup.ps
Source: Paltel Group
Contact: Ms. Neda Morrar, Tel: +970-2-294-4006, Mob: +970-599-579-355, neda.morrar@paltelgroup.ps
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Profile: Tech
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