Ramallah (13/02/2008) - The Board of Directors of the Palestinian Telecommunication Company (PALTEL) announced, following its meeting held in Ramallah on Wednesday (12/02/2008), that the financial position and fiscal results of the company provide solid and concrete grounds for it, which enables the company to achieve a comprehensive and integrated vision to interact with the national economy. Paltel reaches to high functional level that paves the way to future era of economic networking and alliances allowing thr company to introduce future ideas and projects that would contribute to the acceleration of development and open up great horizons and opportunities for shareholders.
The initial financial statements, audited by the internal auditing Directorate of Paltel Group, showed that the company has achieved financial growth in the year 2007 considering the facts that the operating profits increased at a rate of 34% to amount to JD 79.6 million compared to JD 59.3 million in 2006. The company has also achieved a growth in revenues of about 23% compared to 2006 with an amount of JD 226 million. The net profit has also increased about 17% to reach to JD 65.5 million in 2007 compared to JD 56.2 million in 2006. In addition to that, the dividend has increased to JD 0,498 compared to JD 0,427 in 2006.
The initial financial statements, audited by the internal auditing Directorate of Paltel Group, showed that the company has achieved financial growth in the year 2007 considering the facts that the operating profits increased at a rate of 34% to amount to JD 79.6 million compared to JD 59.3 million in 2006. The company has also achieved a growth in revenues of about 23% compared to 2006 with an amount of JD 226 million. The net profit has also increased about 17% to reach to JD 65.5 million in 2007 compared to JD 56.2 million in 2006. In addition to that, the dividend has increased to JD 0,498 compared to JD 0,427 in 2006.
The Board of Directors stated “Paltel has achieved its financial and operational progress mainly due to the rise in the number of mobile phone subscribers. Despite the barriers and impediments encountering the growth of the number of subscribers, Paltel celebrated its one million subscribers that increased at a rate of 24%. . The company has also achieved significant growth in the number of broadband service subscribers (ADSL) which amounted to 107% to reach about 54 thousand subscribers compared to 26 thousand in 2006, thus covering 180 areas in West Bank and Gaza. The said growth represents a substantial significance within the comprehensive strategy for serving subscribers by means of a single package of services.
The Board of Directors submitted a recommendation to the General Assembly to distribute cash dividends to shareholders at a rate of 20% of the nominal value of the shares with a total amount of JD 26.3 million. It is worth mentioning that the net equities of the shareholders of the company amounted to JD 277 million by the end of 2007, which confirms the sound and solid financial position of the company. The Board of Directors set 12/4/2008 as a date for the General Assembly meeting in Bethlehem.
Chairman of Paltel Group, Mr. Sabeeh Al - Masri, said “it is very important for the Group to continue with the positive interaction in an open market while offering all the necessary services and facilities to ensure the success of new licensed companies and to encourage them to opt the services provided by the national network and introduce them to the public”.
Mr. Al- Masri added “Paltel follows a clear strategic vision that enables it to deal and interact with the economic developments and opportunities in the region and in Palestine” Al- Masri pointed out that “ Paltel Group, over the past months, has carried out a comprehensive review of all strategies, work and structural programs and tables of powers to ensure the continued stability of the Group and to continue its leadership to the Palestinian private sector”.
Mr. Al- Masri pointed out that “Palestine ought to be proud of the achievements and success of the Group because it embodies the spirit of hope and sets a good example of challenge and facing the difficulties encountering the Palestinian economy: Al- Masri added “The group also proves that the Palestinian people are invincible and are able to face challenges with more giving and achievements”.
As for the role of Paltel Group in the area of social responsibility, Mr. Al- Masri stated “Paltel Group plays a social role in the Palestinian society through its partnerships with major international institutions in this field for the development of the community” .. “ It is our pride to lead the development and capacity building of the Palestinian people in all sectors” Al-Masri said.
The Board of Directors reviewed the reports on other economic projects initiated by the Group. Projects are about to be launched in line with the comprehensive and integrated view of expanding the company's investment activity to achieve the strategic vision related to investing in Palestine for achieving returns and ensuring contribution in the economic development. It is also worth noting that the Group had helped in establishing the Palestine Welfare Bank, which is the leading bank in terms of lending to small enterprises considering them the backbone of the national economy.
The Group is also endeavoring to proceed forward with its interests in sponsoring innovators and the young generation as well in order to create a culture of creativity and innovation. Special funds are allocated to stimulate small projects and youth to engage in the economic cycle and to provide additional job opportunities rapidly. To this end, the Group launched in partnership with Palestine Welfare Bank the “PC fund” and the “Education fund” to support and involve a wide range of young people in the technology environment for rehabilitating them for the labour market and to enable them to realize their educational achievements under the existing difficult circumstances. This is in addition to contributing in supporting the academic network to link the Palestinian universities and schools together to secure communication, scientific research and distance learning. The Board of Directors also stressed that the education-related issues constitute a fundamental pillar of the social and developmental advancement of the community.
The Board of Directors reviewed the reports on other economic projects initiated by the Group. Projects are about to be launched in line with the comprehensive and integrated view of expanding the company's investment activity to achieve the strategic vision related to investing in Palestine for achieving returns and ensuring contribution in the economic development. It is also worth noting that the Group had helped in establishing the Palestine Welfare Bank, which is the leading bank in terms of lending to small enterprises considering them the backbone of the national economy.
The Group is also endeavoring to proceed forward with its interests in sponsoring innovators and the young generation as well in order to create a culture of creativity and innovation. Special funds are allocated to stimulate small projects and youth to engage in the economic cycle and to provide additional job opportunities rapidly. To this end, the Group launched in partnership with Palestine Welfare Bank the “PC fund” and the “Education fund” to support and involve a wide range of young people in the technology environment for rehabilitating them for the labour market and to enable them to realize their educational achievements under the existing difficult circumstances. This is in addition to contributing in supporting the academic network to link the Palestinian universities and schools together to secure communication, scientific research and distance learning. The Board of Directors also stressed that the education-related issues constitute a fundamental pillar of the social and developmental advancement of the community.
