Zain Group's shareholders have approved the distribution of 35 fils per share ($0.11) for the financial year ended 31 Dec 2017 to shareholders registered on the company records as of 11 April 2018. This entitlement date reflects an additional 10 working day period after the holding of the AGM as per new Boursa Kuwait regulations.
The AGM saw the election of two new members to the Zain Group Board of Directors for the next two years, namely Abdulrahman Mohammad Al Asfour and a Kuwait Investment Authority (KIA) representative.
The new board is now composed of : Ahmed Tahous Al Tahous as the chairman of Zain Group, Bader Al-Kharafi as vice-chairman and group CEO, Talal bin Said Al Mamari, Mehdi Mohamed Jawad Abdullah Abduwani, Saud Ahmed Abdulkarim Al Nahari, Martial Antoine Marcel Caratti, Nigel Kevin Govett, Kuwait Investment Authority (KIA) representative, and Abdulrahman Mohammad Al Asfour (independent).
During the AGM, Zain Group presented its financial results for the full-year 2017, with consolidated net income increasing by 2% to KD 160 million ($527 million), reflecting Earnings Per Share of 39 fils ($0.13). Consolidated revenues amounted to KD 1.03 billion ($3.4 billion), down 5% YoY, while consolidated EBITDA for the period decreased by 19% YoY to KD 414 million ($1.37 billion), reflecting an EBITDA margin of 40%.
For 2017, foreign currency translation impact, predominantly due to the 53% currency devaluation in Sudan from an average of 8.0 to 16.9 (SDG / USD), cost the company $494 million in revenue, $213 million in EBITDA and $82 million in net income.