Zain Group, a leading telecom company, has announced that it has received investor approval for the distribution of a total cash dividend of 35 fils for 2024, amounting to KD151.4 million ($492 million). This payout reflects an attractive 73% payout ratio, signaling strong shareholder returns.
The announcement was made during Zain Group’s Annual General Meeting (AGM), held at its headquarters in Kuwait, where 79.2% of shareholders attended. The meeting also presented the company’s 2024 annual report, titled “Better Lives, Lasting Connections,” which highlights key financial statements, governance and auditors’ reports, and the achievements of Zain Group and its subsidiaries across the Middle East and Africa for the year ending December 31, 2024.
Shareholders approved all items on the AGM agenda, including the recommended cash dividend of 25% (25 fils per share) to shareholders registered by the record date of May 4. Dividends will be paid to shareholders starting May 7. Additionally, the AGM saw the approval of extending Zain’s minimum 35 fils dividend policy for another three years, lasting until 2028.
This 25 fils dividend for the second half of 2024 follows a semi-annual dividend of 10 fils distributed earlier in the year, totaling 35 fils per share for 2024 and reflecting a 73% payout ratio, one of the highest in the region. The total cash dividends for 2024 amounted to KD151.4 million ($492 million). Zain also noted that it adopted a minimum cash dividend policy of 35 fils per share in 2023, now extended until 2028.
Despite socio-economic challenges, particularly in Sudan, 2024 proved to be a defining year for Zain, marked by business growth and increased shareholder value. The company focused on ESG initiatives, accelerating digital transformation, and growing revenue from new business verticals, positioning Zain for future growth.
In its financial results for FY-24, Zain served 49 million customers and reported consolidated revenue of KD2 billion ($6.4 billion), a 3% year-on-year increase, reaching a 15-year high. Zain continues to strengthen its position as a leading provider of ICT and digital lifestyle services, playing a significant role in shaping digital economies in the Middle East and Africa.
Bader Al Kharafi, Zain’s Vice-Chairman and Group CEO, remarked at the AGM, “As a leading entity listed on Kuwait’s Premier Market and with listings in Saudi Arabia, Iraq, and Bahrain, Zain is committed to driving profitable and sustainable growth and creating value for stakeholders. Our strategies have helped us extend our market leadership across competitive and evolving markets.”
