Mubasher: The ordinary general meeting (OGM) of Kuwait Telecommunication Co (Viva) approved the board’s recommendation to distribute 30% of the capital as a cash dividend for fiscal year 2017.

The mobile telecommunication and data services provider will pay 30 fils per share as a dividend for FY17 to the entitled shareholders of records on 15 April, according to a recent statement on Wednesday.

The distribution date will be on 22 April, the Kuwait-based telecoms firm said. 

In FY17, Viva achieved a growth of 1% in profits to KWD 40.09 million compared to KWD 39.81 million in FY16.

Viva succeeded in maintaining good profitability in line with the strong competence in the market; return on total assets represented 14%, while the return on shareholders’ equity rights stood at 24% in FY17, the CFO of Viva, Mohammed Al Assaf, said.

At the stock level, Viva closed Wednesday’s session 3.5% higher at 795 fils.