Etisalat net surges 19pc to $2.36bn

Emirates Telecommunications Corporation (Etisalat) said on Thursday its annual net profit surged 19 per cent to Dh8.7 billion ($2.36 billion) when compared to Dh7.3 billion ($1.98 billion) in 2007.

Announcing the company's 2008 preliminary results, Mohammed Hassan Omran, chairman of Etisalat, said the group had recorded a net profit of Dh2.1 billion during the fourth quarter of 2008, before year-end adjustments, reflecting an increase of 18 per cent when compared to 2007.

Etisalat also reported Dh26.1 billion in net revenues for 2008, which is 22 per cent higher than 2007. Its net revenues for the fourth quarter stood at Dh7.1 billion up 18 per cent from Dh6 billion in 2007.

Omran said the total assets also increased from Dh52.4 billion in 2007 to Dh62.1 billion, posting an 18 per cent growth.

'The earning per share has increased from Dh1.22 in 2007 to Dh1.45 in 2008 after the issuance of 998.25 million bonus shares in the ratio of 1:5 in 2008,' he noted.

Omran said the significant results achieved by Etisalat in 2008 reflected the company’s ability to manage and sustain growth as the company pursues its ambition to become one of the top ten telecommunications companies in the world.

'Etisalat is now regarded as one of the strongest players in the telecom market, both regionally and internationally. This has been achieved by our commitment to implement the best international standards at all business levels,' he stated.

“Acquiring new licenses in Iran and India provides us with significant growth opportunities, and will support the development of our company for many years to come,” he added.

Etisalat CEO Mohammed Khalfan Al Qamzi said the company’s consistently strong performance was a direct result of its extensive operational achievements at home and abroad.

'At the end of 2008, the number of Etisalat mobile subscribers in the UAE grew 14 per cent compared to 2007 to reach 7.3 million, fixed line subscribers grew 3 per cent to 1.36 million and Internet subscribers grew 31 per cent to 1.15 million,'Al Qamzi added.-TradeArabia News Service