Jordan Telecom to distribute JD 24 Million cash dividends to its shareholders

Jordan Telecom to distribute JD 24 Million cash dividends to its shareholders

29 Apr 2018
​ The General Assembly of Jordan Telecom Company/ Orange Jordan has approved the Board of Director’s recommendations to distribute cash dividends of JD 24 million (12.8 Fils /share) at its 21st annual Ordinary General Assembly meeting, which was held on Thursday, April 26, headed by Dr. Shabib Amari, and in the attendance of the Board of Directors, Board members and the Group's Executive Management.The General Assembly has also approved the Board of Director’s report on the company's business for the year ending on 31/12/2017 after hearing the auditor's report on the final accounts and discussing the company's balance sheet for the year 2017. In his speech during the meeting, Dr. Ammari presented the challenges that were faced by the telecommunications sector in 2017, most notably the change in the demand components on some of the services offered by the company, including all types of services, and the high tax rates imposed on the sector, as well as the high competition between operators. He affirmed that Orange Jordan’s five-year corporate strategy “Essentials 2020” was designed not only to adapt to technological changes, but also to market changes, saying: “We dealt with these changes through finding new revenue streams, improving performance, and decreasing operating expenses in comparison to 2016 without compromising the quality, which has led to achieving an increase in our profits last year, resulting in a higher return on investment. Dr. Ammari talked about the company’s performance and achievements across all levels for the past year, most prominently the increased investment in its networks with an amount of JD 300 Million invested in New Generation Networks, ensuring high-quality of the advanced fourth generation network 4G+, solely provided by Orange Jordan, Fiber-To-The Home (FTTH), and Fiber-To-The-Business (FTTB), noting that the majority of the company’s investments made since the privatization of the company in the year 2000 were used to improve the company’s networks, and until present day have reached JD 1.4 Billion. As for the company's contribution in socioeconomic development, and stemming from its belief that Jordanians deserve the best, Dr. Ammari clarified that Orange Jordan took a leading role in the localization of digital knowledge and the development of the sector. The company also strengthened its role in the field of social responsibility. He pointed out that last year, a training center was established in the south to graduate qualified IT professionals, ready for the labor market, and providing funds for the establishment of the Jordanian-German Center of Excellence for solar energy in Al-Mafraq Development Area. Additionally, the company supported the Royal Housing Initiative. The cumulative investment in social responsibility programs since 2000 has reached about JD 30 Million. From his side, CEO of Orange Jordan, Jerome Hénique affirmed that the year 2017 was a year of strong and tangible transformation at Orange Jordan, as the company adapted with the givens of the telecom market, to become more flexible in dealing with all the elements which affect demand on the company’s services and the increased readiness in changing our business model in order for our performance to become more flexible and effective, and consequently stronger to overcome difficulties, this is contributed to our strategy “Essentials 2020” which has taken into account all the possible changes of the Telecom sector. He also pointed out that 2017 was the year of achievements for the company, where it was able to achieve many leaps that contributed to the company's progress and operational performance across all services,. He also clarified that this development was reflected on the Group’s net profits (after tax deduction) which increased by 33% compared the previous year, reaching JD 24 Million compared to JD 18 Million in the previous year. Hénique also pointed out that the business sector depends heavily on the world of telecommunication, where Orange Jordan provides this segment with innovative services and quality solutions in new and existing areas, and of international quality. It also fulfills the needs of this important sector, contributing to the increase in the number of institutions benefiting from these services, and reflecting positively on the revenues of the company, which comprise more than 17% of the company's revenues. According to the company's general budget until the end of December 31, 2017, the total assets of the company increased to JD 653 Million, compared to JD 621.4 million at the end of 2016, an increase of 5%. Property rights increased to JD 274.24 million from JD 268.21 Million during the periods of comparison. On the other hand, the company's total revenues amounted to JD 333.2 million, a decrease of 3.2% from the previous year. Operating expenses decreased by 6.2% reaching, JD 233.3 Million, however operating profit increased to JD 105.4 million, an increase of 4.7% from the year 2016. The company's plan for 2018 affirmed that it will continue strengthening its infrastructure by continuing to invest in its networks, especially New Generation Networks and maintaining its market share across various services -End-
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