Andrew Penn, the chief executive of Australia's biggest telecommunications provider, told a shareholders' meeting on Tuesday that the company had paid out $1.9 billion to shareholders. The company recorded net profit after tax of $1.8 billion.
The meeting was told that Telstra had just crossed the midway point of its T22 strategy announced in June 2018, which calls for a net reduction of 8000 employees and contractors by 2022.
Two to four layers of management are to be reduced, with one in four executive and middle management roles to be axed.
"We are well positioned as we pass the midway point of out T22 strategy," he said. "During COVID, we have supported our customers, our people, the economy and shareholders."
The dividend paid out stood at 16 cents per share, which took the total paid out to a figure a shade above what the company had earned as net profit.
Penn stressed that the key principles behind the T22 strategy were "more important than ever before", adding that the strategy was fundamental to the company's transformation and the success of its customers.
He said one of the priorities for FY21 was to extend the company's leadership in 5G and monetise the investment made in the network, which would include launching a targeted fixed wireless service.
Thus far, Telstra has taken second place in the commercialisation of 5G, with its rival Optus gaining headway, especially with its 5G home Internet which has been a success.
The meeting was also addressed by chief financial officer Vicky Brady.