Zain Group holds AGM with a quorum of 77%; Assembly approves H2 2023 dividend of 25 fils to total 35 Fils for 2023
Shareholders approved all items on the agenda of the Ordinary General Assembly, including the distribution of the recommended cash dividend of 25% (25 fils per share) to shareholders already registered on the company’s registration date of Thursday, May 23, 2024. The cash dividend will be distributed to shareholders Starting Wednesday, May 29, 2024.
Attractive profits for shareholders
This dividend of 25 fils for the second half of 2023 follows a semi-annual dividend of 10 fils distributed earlier in 2023, for a total of 35 fils per share for the year, and reflects a payout ratio of 70%, one of the highest in the region. . In 2023, Zain adopted a cash dividend policy of a minimum of 35 fils per share for a period of three years.
Financial performance 2023
During the general assembly, Zain Group presented its financial results for the entire year 2023, as the company served 50.6 million customers. For the full year 2023, Zain Group achieved consolidated revenues of KWD 1.9 billion (US$6.2 billion), an increase of 10% year-on-year. Consolidated EBITDA for the period increased by 5% year-on-year to reach KWD 705 million (US$2.3 billion), reflecting an EBITDA margin of 37%. Consolidated net income was KWD 215 million (US$701 million), an increase of 10% year-on-year, and reflects earnings per share of 50 fils (US$0.16).
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