Du approves dividend payment for 2011

Cash dividend of 15fils approved at annual general meeting
Du has approved its first ever cash dividend to shareholders.
Du has approved its first ever cash dividend to shareholders.

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UAE telco Du approved a dividend of AED0.15 fils ($0.04)per share at its AGM yesterday.

The dividend, which is the first that the telco has made since it launched services in 2007, followed strong results for 2011.

Ahmad Bin Byat, chairman, Du, said: “2011 has been an impressive year, and we continued to deliver record results. Our net profit before royalty has grown significantly, increasing to AED 1.8 billion in 2011, an impressive 48% increase year on year.

“Following an announcement by The Federal Government, setting the Royalty charge for 2011 at a rate of 15% of net profit and 5% of revenue, our net profit after royalty reached AED 1.1 billion,” he added.

Du said that during the AGM it had also appointed KPMG as auditor of the company's accounts for 2012 and elected two new board members, Ziad Galadari and Abdulla Alshamsi, to represent the public shareholders.

 

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