The Palestinian Telecommunications Authority approves a 30% dividend distribution

Ramallah - Together - The General Authority of the Palestinian Telecommunications Company, a public shareholding company, approved, at its twenty-seventh regular meeting in Ramallah, the Board of Directors' recommendation to distribute cash dividends for the year 2023 at the rate of 30% of the nominal value of the share, amounting to one Jordanian dinar, which is equivalent to 30 piasters per share. With a total amount of about 40 million Jordanian dinars. Sabih Al-Masry, Chairman of the Board of Directors, said, 'Despite the unprecedented challenges we have faced since the beginning of the last quarter of 2023 due to the aggression on the Gaza Strip, the company continues to maintain its solid financial position and strong operational performance, and this is due to the plans and strategies of the Board of Directors, in addition to emergency policies.' Which the executive team implemented quickly and with high efficiency.' The most important achievements and challenges during the year were also highlighted , and the topics and recommendations on the agenda were discussed, as the General Assembly approved the audited financial statements for the year 2023, the members of the Board of Directors were discharged from liability for last year, and Ernst and Young was elected as the company's auditor for the year 2024. On the company's financial level in 2023, Palestine Telecom's net profits amounted to approximately 43 million dinars, while the company's revenues reached 280 million dinars. An extraordinary general assembly meeting was also held, during which the articles of incorporation, the new bylaws, and the policy of granting remuneration to members of the Board of Directors, the committees emanating from it, and the executive management were approved, in line with the new companies law. It is noteworthy that the Palestine Telecommunications Company/Jawwal was established in 1995 as a public shareholding company, and connects Palestine with an advanced network in the fields of cellular and fixed communicatio ns, the Internet, and information technology solutions that serve more than three million subscribers from all sectors. Source: Maan News Agency