Summary by Moomoo AI
China Telecom Corporation (“China Telecom”) announced on 26 March 2024 its profit distribution plan for 2023. According to the announcement, China Telecom intends to issue a final dividend of RMB0.090 per share (tax included) for 2023, plus an interim dividend of RMB0.1432 (tax included), and the total annual dividend of RMB0.2332 (tax included), for a total amount of approximately RMB213.39 billion, more than the company's shareholders should have accounted for 70% of the profit. The distribution plan will be based on the total share capital at the date of registration of the shares, the specific date of which will be specified in a subsequent announcement. The company said it will gradually increase the profit from cash distribution over the next three years to more than 75% of what shareholders deserve. The plan is still subject to approval at the 2023 Annual General Meeting. China Telecom stressed that this profit allocation would not have a significant impact on the company's cash flow and long-term development.