Emtel Announces Rs 570 Million Dividend Distribution to Shareholders

Shareholders of Emtel, one of the leading mobile telecommunications companies in Mauritius, are set to receive a substantial reward by December 27. The company, which made its stock market debut on May 19, has announced a total dividend distribution of Rs 570 million, translating to Rs 1.25 per share.

According to unaudited financial accounts submitted to the stock exchange authorities on November 8, Emtel’s performance for the nine-month period ending September 30, 2024, has been exceedingly positive.

This robust financial health has been underscored by Kresh Goomany, the Chief Executive Officer of Emtel, who provided insights into the strategies and initiatives that have strengthened the company’s profitability.

These efforts have certainly bolstered investor confidence, especially for those who were unable to purchase shares prior to May 19, 2024.

Goomany credited several strategic initiatives for enabling this significant dividend payout.

“These initiatives encompass improvements in our service offerings and operational efficiency,” he stated.

“They have collectively played a role in enhancing our performance while also optimizing costs.

Factors contributing to our financial success include an increase in our customer base, the enhancement of our service offerings, the expansion of our network, and an increase in the capacity of our submarine cable.”

He expressed pride in fulfilling the commitment to distribute Rs 570 million to shareholders following the company’s initial public offering (IPO), which has allowed for a total dividend payment of Rs 700 million in 2024.

“We aim to continue this growth trajectory while creating value for all our stakeholders,” he added.

On November 27, stock trading on the Official Market of the Stock Exchange of Mauritius saw Emtel shares rise by Rs 1.30 (5.99%), moving from Rs 21.70 at the start of the trading session to Rs 23 at closing.

A total of 6,234 shares were exchanged, amounting to Rs 139,475.

Emtel’s strategy has prominently featured consistent investments in its infrastructure and customer service, as well as initiatives aimed at expanding its 5G network coverage.

As a result of these efforts, Emtel was recognized by Ookla as the fastest mobile network in East Africa and Mauritius for the second consecutive year in 2024.

In their financial report dated November 8, Emtel’s board of directors expressed optimism about the company’s business outlook, aligning with the projections outlined in the prospectus for their IPO.

“We anticipate that this positive trend will continue,” the report stated.

Source: l’Express