KUWAIT - The Zain Group Annual General Meeting on Wednesday approved the recommended cash dividend of 25 percent (25 fils per share) for the fiscal year ended on December 31, 2022.

This 25 fils dividend for H2 2022 follows the semi-annual dividend of 10 fils distributed earlier in 2022, totaling 35 fils per share for the year and reflects a two fils increase on the previous three years and a 78 percent payout ratio, one of the highest in the region, it said in a statement.

The meeting also approved Zain's adoption of a minimum cash dividend policy of 35 fils per share for three years, commencing 2023, it added.

Zain Group Chairman Ahmad Al-Tahous said during the general assembly meeting: "Over the past three years the Board focused on multiple initiatives to build a sustainable digital communications company." Zain Group Vice-Chairman and Group CEO Bader Al Kharafi said: "Management, with the support of the Board, focused on multiple initiatives during the year centered around digital transformation and innovation, 5G network upgrades and data monetization initiatives, passive network tower sales, and lucrative enterprise opportunities."

Throughout 2022, Zain Group invested USD 936 million in CAPEX (17 percent of revenue), predominantly in 5G rollouts in Kuwait, Saudi Arabia and Bahrain; 4G upgrades and new sites across Iraq, Jordan, South Sudan and Sudan; expansion of Fiber-to-the-Home (FTTH) infrastructure; and spectrum license fees, he said.