Kuwait – Mubasher: Zain Group on Sunday approved the distribution of a cash dividend of 35 fils ($0.11) per share for the financial year which ended on 31 December 2016.
The company’s annual general meeting (AGM) also passed a number of items on its agenda and elected a new board of directors for the next three years, according to a statement issued by the company.
The new board appointed Mohannad Mohammed Al Kharafi as Zain Group’s chairman, while Bader Nasser Al Kharafi was appointed vice chairman and CEO of the group. Scott Gegenheimer was named CEO of operations, according to the statement.
The mobile telecom operator appointed Mohannad Mohammad Al Kharafi, Bader Nasser Al Kharafi, and Ahmed Tahous Al Tahous, with the latter being the representative of the Kuwait Investment Authority (KIA).
Corporate entity appointments included: Fajer Al Nasim for selling and buying stocks represented by Houssam Fawzi Al Kharafi; Nasim Al-Delta for selling and buying stocks represented by Khaled Ali Al Ghanim; Abeer Al Shorouq for selling and buying stocks represented by Talal Jassem Al Kharafi; Jawharat Gibla for selling and buying stocks represented by Faisal Nizar Al Nusif; and Dana Al Qebla for selling and buying stocks represented by Khaled Waleed Al Falah.
The telecom group reported a year-on-year profit increase of 2% to KWD 157 million ($519 million) in 2016, reflecting earnings per share (EPS) of 40 fils ($0.13).
Total annual consolidated revenue for the year amounted to KWD 1.1 billion ($3.6 billion), while EBITDA grew 3% to KWD 512 million ($ 1.7 billion), Zain Group said, adding that its customer base grew 3% last year, exceeding 47 million customers.
