The General Assembly of Paltel approves a dividend distribution of 30%

 

Ramallah, 22/04/2024

 

 

The general assembly of Paltel, a public shareholding company, at its twenty-seventh regular meeting in Ramallah, approved the Board of Directors’ recommendation to distribute cash dividends for the year 2023 at a rate of 30% from the nominal value of the share amounting to one JD, equating to JD 0.3 per share, with a total amount of JD 40 million.

Sabih Al-Masri, The Chairman of the Board of Directors, affirmed, “Despite the unprecedented challenges we have faced since the beginning of the last quarter of 2023 due to the aggression on Gaza Strip, the Company continues to uphold a solid financial position and operational performance. This is attributed to the strong strategic planning and leadership of the Board of Directors, in addition to the contingency measured implemented by the executive team most efficiently and effectively”.

The cornerstone achievements and main challenges in 2023 were highlighted, and the agenda topics were discussed. The general assembly approved the audited financial statements for the year 2023, and the members of the Board of Directors were discharged from liability for last year. Ernst & Young was elected as the Company’s external auditor for the year 2024.

In terms of the Company's financial results for the year 2023, Paltel's net profits amounted to approximately JD 43.3 million, while the Company's revenues reached JD 280 million.

An extraordinary general assembly meeting was also held, during which the ratification of the Company’s articles of association and bylaws, and renumeration policy were approved based on the new companies’ law.

Established in 1995, Palestine Telecommunication Company/ Jawwal is a public shareholding company, connecting Palestine with advanced solutions in the fields of telecommunications and information technology, and serving over three million subscribers across various sectors.