Paltel Approves Distribution of Approximately 40 Million Jordanian Dinars in Dividends

Rawabi, May 6, 2025

The General Assembly of the Palestine Telecommunications Company P.L.C. (PALTEL) approved, during its twenty-eighth Ordinary Meeting, the Board of Directors’ recommendation to distribute cash dividends for the fiscal year 2024 at a rate of 30% of the nominal share value of one Jordanian Dinar. This corresponds to 30 piasters per share, with a total distribution amounting to approximately 40 million Jordanian Dinars.

This came during the meeting held today under the chairmanship of Mr. Sabih Al-Masri, Chairman of the Board of Directors, with the participation of shareholders representing, in person and by proxy, 72.28% of the company’s share capital.

Al-Masri stated: “This year has been one of the most challenging and served as a true test of our resilience and ability to persevere. However, it was also a year in which our position as a leading national institution, committed to its strategic vision despite the circumstances, was further solidified.” He emphasized that the company remains committed to providing services that keep pace with ongoing changes, guided by a clear vision and unwavering determination.

He added, “The company’s management policy—focused on cost rationalization and operational efficiency—enabled us to mitigate the decline in profits resulting from reduced revenues. Despite the ongoing aggression now entering its nineteenth month and the substantial losses it has caused, we were still able to approve a cash dividend distribution, recognizing the pressing need of our shareholders, particularly small shareholders, during these difficult times marked by a general decline in individual income.”

In addition, Al-Masri expressed his deep appreciation to all the company’s employees, emphasizing that human capital is the company’s greatest asset. He noted that it was through their commitment and dedication that Palestine Telecommunications Company successfully navigated this challenging year and is now well-positioned for a future filled with new opportunities for growth and innovation.

For his part, AbdulMajeed Melhem, the company’s CEO, emphasized that Palestine Telecommunications Company places great importance on enhancing its ability to respond to both internal and external changes, and is constantly striving to leave a lasting impact on the telecommunications sector in the region.

Furthermore, the meeting highlighted the key achievements and challenges faced during the year, and addressed the agenda items and related recommendations. The General Assembly approved the audited financial statements for the year 2024, discharged the members of the Board of Directors from liability for the previous year, and appointed Ernst & Young as the company’s external auditor for the year 2025.

The General Assembly also elected a new Board of Directors for the upcoming term. The newly formed Board elected Mr. Sabih Al-Masri as Chairman and Mr. Bashar Masri as Vice Chairman. The Board also includes Mr. Talal Nassereddine, Mr. Zahi Khouri, Mr. Mughith Sukhtian, Mr. Yazid Al-Mufti, Mr. Mohammed Al-Masri, Mr. AbdulHamid Al-Abwah, Mrs. Lina Fattom, and Mr. Abdullah Sabbat. The Board reappointed its internal committees for the new term.

Founded in 1995 as a public shareholding company, Palestine Telecommunications Company/Jawwal has since established the most extensive and advanced telecommunications network in Palestine, offering mobile, fixed-line, internet, and ICT solutions. With consistent growth, it continues to elevate Palestine’s position as a key player in the regional technology and telecommunications sector.