Mubasher: The ordinary general meeting (OGM) of National Mobile Telecommunications (Ooredoo Kuwait) has approved the board’s recommendation to distribute 70% of capital as cash dividends for fiscal year 2017, as reported by the Kuwait News Agency (KUNA).

Ooredoo will pay 70 fils per share as dividends for FY17, KUNA added.

The customer baseline of Ooredoo has enlarged to 26.3 million subscribers in FY17 compared to 25.2 million in FY16, the chairman of Ooredoo, Saud Nasser Al Thani, said, according to KUNA.

Ooredoo has registered revenues of KWD 697.6 million in FY17, 1.3% lower than KWD 706.8 million in the previous fiscal year, Al Thani added.

In FY17, Ooredoo Kuwait reported a drop of 15% in profits to KWD 39.5 million compared to KWD 46.7 million in FY16.

At the stock level, Ooredoo closed Wednesday’s session 1% or 10 fils lower at KWD 1.