RAMALLAH, Palestine, April 16, 2012 /PRNewswire/ --
- 9.4% Growth in Net Revenues to reach US$ 522m
- 14.6% Growth in EBITDA to reach US$ 232m
- 13.7% Growth in Operating Income (EBIT) to reach US$ 179m
- 11.6% Growth in Net Income Before Tax (EBT) to reach US$ 142m
- 5.1% Growth rate in Net Income
- 8.8% growth in customer base to reach 2.97m
- Net Income reached US$ 128m
- Total Assets reached US$ 811m
- Shareholders Equity reached US$ 605m
Paltel Group's General Assembly approved the Board of Directors recommendation for the distribution of 40% cash dividend of its share par value to shareholders, totaling US$ 74.26m USD in profit disbursement, during the company's General Assembly meeting held during the first week of April in Ramallah and Gaza Strip simultaneously via video conference.
The company ended the FY-2011 with an increase in consolidated net income by 5.1% to stand at US$ 128m, compared with US$ 122m at the end of year 2010. The consolidated net operating revenues grew by 9.4% to reach US$ 522m at the end of year 2011 compared with US$ 477m at the end of the previous year. In regards to the operating revenues of each service line, the company achieved a growth in its Mobile, Fixed Line and Data revenues by 9.7%, 4.6%, and 81.4% respectively. The consolidated operating income for the company reached US$ 179m by the end of year 2011 compared with US$ 158m by the end of year 2010, achieving a growth of 13.7%. The customer base has also grown by 8.8% to reach 2.97 million. This growth was achieved by an increase in consolidated revenues influenced by the positive effect of the implemented operating strategy focusing management efforts on core telecom functions while outsourcing support functions.
In addition to its positive financial results in 2011, Paltel share became a member of the SAP-AFE 40 of the union of Arab Exchanges and a member of the Dow Jones-FEAS 50 of the Euro Asian Exchanges, making Paltel the first Palestinian company to join these significant Arab and international indices. Paltel remains the most active stock on the Palestine Exchange, retaining 35% of overall market capitalization.
Sabih Masri, Chairman of Paltel stated that, "Our Group has achieved positive growth again in 2011, building on its record performance and a successful strategy, while continuing our practice of good governance, transparency and accountability. We managed to reflect these disciplines in our financial performance, focusing on ensuring sustainability by reducing expenditures and enhancing revenue, while continuing to provide quality services to our customers. The Group's steady dividend payout remains inspired by the Board's vision which is being realized through these growing results year after year."
Masri further stated, "We will continue to develop our vision putting it into practice through our work, as we seek to enhance our leading role in the Telecom sector, and look forward to becoming the biggest contributor in building the future of technology in Palestine."
Ammar Aker, CEO of Paltel Group, added "The Group managed to achieve a remarkable performance based on the implementation of a dual strategy designed to maintain current customers and grow the subscribers' base across our service lines: Mobile, Fixed and Data. Through our strategy, we are able to achieve our goals, as reflected in the financial performance of the Group. We see growth continuing in all sectors as we focus on all market segments."
Paltel Group is committed to make Palestine a leading country on the global digital map. It will work to put a united strategy that includes all stakeholders in the ICT sector ensuring Palestine is at par with other countries. This will be done by increasing the spread of broadband services to increase internet penetration while enhancing the security of information and networks. The Group will also continue to pursue its community responsibility, through its Paltel Group Foundation. The Foundation will continue to implement its connectivity projects in rural areas and through the Group's initiatives aiming at improving the lives of people in fringe locations and those with special needs by providing them with access to technology. Paltel Group seeks to preserve the commercial and community sustainability to grow and provide more value to shareholders.
Ms. Neda Morrar
Director of International Corporate Communications, Paltel Group
E-Mail: [email protected]
SOURCE Paltel Group