Etisalat Net Profits Grow 19% to Dhs8.7b in 2008

January 30, 2009 at 16:36 Leave a comment

United Arab Emirates telco Etisalat has announced its consolidated annual net profit rose by 18.7% to AED8.7 billion (USD2.36 billion) during 2008 when compared to its 2007 net income of AED7.3 billion. Mohammed Khalfan Al Qamzi, CEO of Etisalat, said the improvement was due to an increase in subscribers at home and abroad; at the end of 2008, the company’s wireless subscriber base in the UAE increased to 7.3 million, a rise of 14% compared to the end of 2007, fixed line subscribers rose by 3% to 1.36 million and internet subscribers grew by 31% to 1.15 million. The company also reported its 2008 net revenues increased by 22% to AED26.1 billion when compared with the previous year. Chairman Mohammed Hassan Omran said ‘Acquiring new licences in Iran and India provides us with significant growth opportunities, and will support the development of our company for many years to come.’ Etisalat said it plans to invest USD1 billion in its first year of operations in Iran, after winning the country’s third mobile telephone licence in January.

However, while net profit increased when compared to the previous year, Reuters reported the telco’s fourth quarter net profit fell by 19.3% year-on-year to AED1.42 billion. Reuters calculated the quarterly data from previous financial statements, as Etisalat’s preliminary annual report did not provide quarterly breakdowns.

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Entry filed under: Etisalat, Financial, Middle East, Mobile, UAE, Wireless. Tags: , , , , , .

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