Abu Dhabi – Mubasher: Emirates Telecommunications Corporation “Etisalat” has announced, in a filing to the Abu Dhabi Securities Exchange (ADX), that the ordinary general meeting (OGM) has been scheduled for March 24, 2015.

The group reported a net profit after Federal Royalty of AED 8.9 billion ($2.42 billion), recording a 26% surge compared to figures from 2013. Moreover, fourth quarter financials showed a net profit of AED 2.1 billion against AED 1.45 billion in Q4-13, a 16% rise.

Etisalat announced that the Board “proposed a final dividend of 35 fils per share to be distributed for the second half of the year 2014, bringing the full dividends for the year 2014 to 70 fils per share”. This is to be paid on Monday, April 14, 2015 to the shareholders registered as at the closing of the business day on Sunday, April 5, 2015.

The Board of Directors has also proposed an issuance of 10% bonus shares, the filing revealed, adding that the “proposed final dividend pay-out of 70 fils per share for 2014, represent[s] a dividend pay-out ratio of 62% and a dividend yield of 6%”.

The Board also called for an extraordinary general meeting (EGM) to elect private sector representatives and approve increasing Etisalat’s share capital ceiling from AED 8 billion to AED 10 billion.