The General Assembly of Jordan Telecom Company/Orange Jordan approved the Board of Director's recommendations to distribute cash dividends of JD 21.5 million (114 Fils/share), to constitute 11.47% of the company's capital of JD 187.5 million at its 24th annual Ordinary General Assembly meeting, which was held on Tuesday, April 23rd, headed by Dr. Shabib Ammari, Chairman of the Board of Directors, in the attendance of the board members and the Group's Executive Management.
The General Assembly has also approved the Board of Director's report on the company's business for the year ending on 31/12/2018, after hearing the auditor's report on the final accounts and discussing the company's balance sheet for the year 2018.
Dr. Ammari affirmed that Orange Jordan dealt in an effective and flexible way, with the ongoing changes on the demand components on its services and products. It also tackled technological developments in the ICT sector through the optimal uses of potential, in addition to exploiting opportunities offered by the market, which falls in line with the company's five-year corporate strategy, "Essentials 2020".
Chairman of the Board of Directors, Dr. Shabib Ammari also presented the company's performance and achievements during last year, saying that adapting to changes requires the company to enhance its investments in its different networks, where the company acquired additional frequencies at a cost of JD 39 million, expanding its services including fourth generation networks (4G, 4G+). The company also invested JD 62 million last year, to develop these networks and install the fiber network, in order to provide very high speed internet and data exchange for homes and businesses.
On the other hand, Dr. Ammari affirmed the company's ongoing contribution to socioeconomic development in local communities, where the company supported education, sports, and youth for years, in addition to paying special attention to innovative people through its growth-mode accelerator program, BIG.
From his side, CEO of Orange Jordan, Thierry Marigny presented the company's overall progress in its operations, where the previous year witnessed ongoing work to integrate modern technology into the daily lives of users, with different ages and needs. For example, "YO", the company's youth platform witnessed a steady increase, and that the efficient investment policy adopted by the company to enhance its networks and technical capabilities, affected the transition towards the digital economy in a confident and fast way, within an equipped environment, where the company offers through its various networks, the most advanced internet services in the local and regional markets.
Marigny also added that 2018 was significant in terms of operational performance, where the company proved its flexibility in its performance and ability to face challenges, achieving positive results with an EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) worth JD 104 million, and last year, the company's revenues reached JD 324.4 million, despite the unfavorable market conditions, in terms of the increased investments costs, taxes and high frequency prices, and others.
On the other hand, Marigny said that: "After years of hard work, we succeeded at Orange Jordan in installing the first station to generate solar power and link its production with the local electricity distribution companies, as part of a project that is in accordance with the clean energy initiatives in the Kingdom". Marigny also pointed out that the results of this project will be reflected positively on the budget of the year 2019, as it is set to respond to the company's increasing energy needs, which is a result of the expansion of networks and increased data consumption..
According to the company's general budget, until the end of 31/12/2018, the total assets of the company increased to JD 624.3 million, and the property rights reached JD 273.9 until the end of last year.
The company's plan for the year 2019 affirmed that it will continue working to increase the satisfaction of its customers with its offered services, through its various technologies, and maintain its leading position as the provider of strongest internet in the Kingdom, through enhancing its numerous networks capacities, in addition to attracting new customers to all its provided services and launching new innovative ones.