Leading telecom group Zain has announced that it has received the investors approval for distribution of total cash dividend of 35 fils for 2024 - amounting to KD151.4 million ($492 million) - thus reflecting an attractive 73% payout ratio. 

 

The announcement came at Zain Group’s Annual General Meeting (AGM) held at its headquarters in Kuwait, attended with a quorum of 79.2% of shareholders whereby they were presented with the Zain Group’s 2024 annual report entitled “Better Lives, Lasting Connections” which highlights the financial statements, Governance and Auditors reports and the major achievements of Zain Group and its operations and subsidiaries across Middle East and Africa, for the year ended December 31, 2024. 

 

The shareholders approved all items on the AGM agenda, including the recommended cash dividend of 25% (25 fils per share) to the shareholders already registered in the company's record date of May 4. 

 

Cash dividends will be paid to shareholders commencing May 7. Notably, the Assembly also approved the extension of a minimum 35 fils dividend policy for another 3 years until 2028.

 

According to Zain, this 25 fils dividend for H2 2024 follows the semi-annual dividend of 10 fils distributed earlier in 2024, totaling 35 fils per share for the year and reflecting a 73% payout ratio, one of the highest in the region. Total cash dividends for 2024 amounted to KD151.4 million ($492 million). 

 

In 2023, Zain adopted a minimum cash dividend policy of 35 fils per share for three years that has now been extended till 2028.

 

The Kuwaiti teleco said 2024 was a defining year for Zain in growing the business and increasing shareholder value despite socio-economic challenges (primarily Sudan) across the company’s footprint. 

 

The implementation of numerous ESG initiatives as well as the acceleration of digital transformation and revenue growth from new business verticals have future-proofed Zain and prepared the company for the next phase of growth.

 

During the AGM, Zain Group presented its financial results for the full-year 2024, whereby the company served 49 million customers. For FY-24, Zain Group generated consolidated revenue of KD2 billion ($6.4 billion), up 3% YoY, a 15-year high. 

 

Over the past year, Zain has reaffirmed its regional position as an innovative ICT and digital lifestyle provider, playing a major role in shaping digital economies in markets across the Middle East and Africa. 

 

Speaking at the AGM, Zain Vice-Chairman and Group CEO Bader Al Kharafi said: "As a leading entity listed on Kuwait’s Premier market as well as having local listings in Saudi Arabia (KSA), Iraq, and Bahrain, Zain has an unwavering commitment to drive profitable and sustainable growth, and create value for all stakeholders."

 

"We have succeeded in implementing future-focused strategies to drive forward the evolution of digital ecosystems across the Group’s footprint, resulting in us extending our market leadership in many highly competitive, evolving, and complex markets," he added.