Leading telecom group Zain has received investor approval to distribute a total cash dividend of 35 fils for 2024, amounting to KD151.4 million ($492 million), reflecting an attractive 73% payout ratio. The announcement was made during the company’s Annual General Meeting (AGM) held at its headquarters in Kuwait, with 79.2% of shareholders in attendance. The meeting presented Zain’s 2024 annual report titled “Better Lives, Lasting Connections,” showcasing the company’s financial performance, governance, auditor reports, and significant achievements across the Middle East and Africa.
During the AGM, shareholders approved all agenda items, including the 25% cash dividend (25 fils per share) to be paid to shareholders registered by the company’s record date of May 4. Payments will commence on May 7. Zain also announced the extension of its minimum 35 fils dividend policy for another three years, through 2028.
The 25 fils dividend for H2 2024 follows a semi-annual dividend of 10 fils distributed earlier in the year, bringing the total annual dividend to 35 fils per share. This payout reflects one of the highest dividend ratios in the region, with total dividends for 2024 reaching KD151.4 million ($492 million). Zain had previously adopted the 35 fils minimum dividend policy for three years, which has now been extended until 2028.
Despite socio-economic challenges, particularly in Sudan, Zain highlighted 2024 as a key year in growing the business and increasing shareholder value. The company implemented several ESG initiatives, accelerated digital transformation, and experienced revenue growth from new business sectors, positioning itself for future growth.
At the AGM, Zain presented its 2024 financial results, revealing that the company served 49 million customers and generated consolidated revenue of KD2 billion ($6.4 billion), a 3% increase YoY, marking a 15-year high. Zain reaffirmed its position as a leading provider of ICT and digital lifestyle services in the Middle East and Africa, contributing to the digital economies of these markets.
Zain Vice-Chairman and Group CEO Bader Al Kharafi emphasized the company’s commitment to sustainable and profitable growth, saying, “We have successfully implemented future-focused strategies to advance digital ecosystems across our footprint, solidifying our market leadership in highly competitive and evolving markets.”
