OTE Telecom to raise shareholders payout on growing revenue

Hellenic Telecommunications Organization SA

22/02/2024 09:12

ATHENS, Feb 22 (Reuters) - OTE Telecom will raise its
shareholders payout by 5% this year as it targets cost savings
and revenue growth helped by ongoing infrastructure upgrades,
Greece's biggest telecoms operator said on Thursday.
    Majority owned and managed by Deutsche Telecom, OTE expects
to generate free cash flow of about 470 million euros ($511
million) this year and will raise its payout ratio to
shareholders to about 95% from 85%.
    The company, which has been investing heavily in fast
broadband services and its 5G network, posted a 21% rise in
fourth-quarter profit to 141 million euros on revenue up 5% to
930 million as fixed operations return to growth.
    It proposed a dividend per share of 0.71 euro, up 23% from
last year. 
    It said it expects further growth this year as enhancing
initiatives bear fruit, while it plans to cut personnel expenses
to partly offset higher energy costs.
    ($1 = 0.9193 euros)

 (Reporting by Angeliki Koutantou; editing by Jason Neely)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))